By VG
Cabuag - September
27, 2017
LOPEZ-led Energy
Development Corp. (EDC) has been kicked out of the benchmark Philippine Stock
Exchange (PSE) index after its public float dropped below the 12-percent
minimum requirement to qualify as a main index constituent.
EDC will be replaced by
Robinsons Retail Holdings Inc. (RRHI), the retailer arm of the Gokongwei
family.
RRHI, which was listed
in November 2013, is the fifth stock from the Services sector that forms the
PSE index. RRHI will be included in the index effective September 28, the
PSE said.
Philippines Renewable
Energy Holdings Corp. (PREHC) last month made a tender offer to buy a
significant chunk of EDC shares, which will result to a decrease in its public
float.
PREHC is buying only
8.9-billion common shares out of the total tender offer of 10.47-billion common
shares. Upon completion of the tender offer, the bidder will own approximately
31.7 percent of EDC’s outstanding voting shares.
After the deal, EDC’s
public float will be at 11 percent.
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