Philippine Stock Sales May Increase: Southeast Asia
Philippine Stock Exchange Inc. (PSE) Chief Executive Officer Hans Sicat said share sales are poised to surpass the bourse’s full-year target as transactions accelerate toward the end of 2012.
Sicat sees three more initial public offerings being completed this year, he said in an interview last week, declining to name the companies. That would take the annual total to six, compared with five listings in 2011. There are enough funds in the stock market to absorb new IPOs or share sales by listed companies, he said.
Data supplied by the exchange show Philippine companies raised 91.13 billion pesos ($2.17 billion) through share sales in the eight months to August, compared with the exchange’s 198 billion-peso target for 2012. Offerings reached a record 107.5 billion pesos in 2011. San Miguel Corp. (SMC), the nation’s largest food and drinks company, has proposed selling 80 billion pesos of preferred shares, while JTH Davies Holdings Inc. and Tanduay Holdings Inc. (TDY) plan to hold so-called follow-on offerings.[full story…]