MANILA - Capital raised at the Philippine Stock Exchange was at a record high of P150.01 billion in the first half of 2018. The amount raised in the first six months was 40.5 percent higher than the P106.74 billion recorded in the same period last year.
The capital raising activities from January to June 2018 consisted of stock rights offerings by PetroEnergy Resources Corporation, Robinsons Land Corporation, Integrated Micro-Electronics, Inc., The Philippine Stock Exchange, Inc., Metropolitan Bank & Trust Company, and Bank of the Philippine Islands and the initial public offering of D.M. Wenceslao and Associates Incorporated.
There were also private placements in IRC Properties, Inc., China Banking Corporation, Basic Energy Corporation, and Golden Bria Holdings, Inc.
“Market volatilities did not hamper the expansion plans of our listed companies. This is an indicator that they are set on completing their business initiatives amidst a robust domestic economy,” PSE president and chief executive officer Ramon Monzon said.
“The Exchange is pleased to be a conduit in the growth of listed companies by serving as a venue for capital raising. We are also delighted to have already reached 75 percent of our target capital raising amount for the year,” Monzon added.
More fund-raising activities are expected to be completed in the next two months via follow-on offerings and stock rights offering.
“While the stock market has experienced a sharp decline from its all-time high early this year, we expect the country’s sound economic fundamentals to continue to encourage listed companies and potential issuers to raise capital through the equities market and to attract investors to participate in the offerings,” he noted.*PNA/PR
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