San Miguel, Cebu Air, SMDC join index; darling stock Lepanto out
Posted at 08/25/2011 8:54 AM | Updated as of 08/25/2011 1:27 PM
MANILA, Philippines - San Miguel Corp., which was dropped from the Philippine Stock Exchange Index last year, is one of 5 stocks that will be included effective Sept. 12, the exchange said yesterday. Lepanto Consolidated Mining Co., which has gained 51% this month on record gold prices and speculation about its Far Southeast gold project in Benguet, is one of five companies that will be dropped.
San Miguel, the food and beverage company that's bought oil refiner Petron Corp. as well as state-owned power generation assets, was removed in October after its free float fell below 10%. Earlier this year, it and its biggest shareholder Top Frontier sold 146 million shares in the company, about 6%, allowing it to meet the new minimum free float of 12%.
Two of the other new members are condominium builder SM Development Corp. and resort and casino developer Belle Corp., both controlled by richest Filipino Henry Sy. He now has 5 companies in the 30-company index, pulling even with the Ayala group.
Also joining the index is tycoon John Gokongwei's Cebu Air Inc., which is trading almost 40% lower than last year's initial public offering price. He now has four companies in the PSEI. Coal miner and power generator Semirara Mining Corp., owned by the Consunji family-controlled DMCI Holdings Inc. will also be part of the index.
The PSE last revised the composition of the index in May. To be included, a company must have a free float of 12% and be among the top 25% of traded stocks by value. Inclusion in the index may boost a stock because some fund managers are only allowed to invest in index stocks.
Aside from gold and silver producer Lepanto, other companies being replaced include power and electronics company First Philippine Holdings Corp. and ABS-CBN Corp., both part of the Lopez group; Gotianun-controlled Filinvest Land Inc.; and Security Banking Corp., 11th largest lender by assets.
ABS-CBN Corp. is parent of this website.
PSE Index members effective Sept. 12, 2011
Aboitiz Equity Ventures
Aboitiz Power Corp.
Alliance Global Group Inc.
Ayala Corp.
Ayala Land Inc.
Banco de Oro
Bank of the Philippine Islands
Belle Corp.
Cebu Air Inc.
DMCI Holdings Inc.
Energy Development Corp.
First Gen Corp.
Globe Telecom Corp.
International Container Terminal Services Inc.
JG Summit Holdings Inc.
Jollibee Foods Corp.
Manila Electric Co.
Manila Water Co.
Megaworld Corp.
Metropolitan Bank &Trust Co.
Metro Pacific Investments Corp.
Philex Mining Corp.
Philippine Long Distance Telephone Co.
Robinsons Land Corp.
San Miguel Corp.
Semirara Mining Corp.
SM Development Corp.
SM Investments Corp.
SM Prime Holdings Inc.
Universal Robina Corp.
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