The Philippine Stock Exchange plans to sell 11.5 million common shares through a follow-on offering which could raise up P2.8 billion in fresh capital. The share sale is a part of the company’s move to reduce brokers’ ownership in the stock exchange to 20 percent as prescribed under the Securities Regulation Code. Other details of the share sale remain to be finalized including the timetable. Newly elected PSE president Ramon Monzon earlier said he would focus on two major programs this year, including reducing brokers’ ownership in the stock exchange to 20 percent and completing the PDS Holdings acquisition. SEC earlier gave the PSE until this year to comply with the ownership limit.

Source: The Standard July 20, 2017 13:18 UTC