MANILA, Philippines - Andrew Tan-led Emperador Inc. will replace Philex Mining Corp. on the Philippine Stock Exchange's main index next month.
In a statement, the PSE said Emperador will be included in the 30-stock PSE index (PSEi) starting September 15, 2014.
To be included in the PSEi, a listed company should rank among the top companies in terms of liquidity and full market capitalization. Companies should also maintain a higher free float level of 12 percent compared to the minimum requirement of 10 percent for listed companies.
The PSE also announced changes in the composition of sectoral indices.
The Financials index will now include Bright Kindle Resources and Investments, Inc. and Sun Life Financial, Inc.
The Industrial index will see the entry of three companies - Concepcion Industrial Corporation, Del Monte Pacific Limited and Roxas Holdings. However, Greenergy Holdings Incorporated will be removed from the index.
On the other hand, three companies will be removed from the Holding firms index, AbaCore Capital Holdings, Inc., Minerales Industrias Corporation and Solid Group, Inc.
The property index will now include Starmalls, Inc. and Suntrust Home Developers, Inc. to replace A. Brown Company, Inc. and Cyber Bay Corporation.
Four companies will be included in the Services sector -- DFNN, Inc., Harbor Star Shipping Services, Inc., Robinsons Retail Holdings, Inc. and Travellers International Hotel Group, Inc. On the other hand, IP E-Game Ventures, Inc. (EG) will be taken out.
For the Mining and Oil index, Dizon Copper Silver Mines, Inc. will be removed.
The recomposition of the PSEi and sector indices is the result of the PSE’s regular review covering trading activity from July 2013 to June 2014.
"This review follows our regular process as published in our index rules. The regular updates should continue to make our index and its constituents more relevant and attractive especially against the backdrop of ASEAN Integration,” PSE President and CEO Hans B. Sicat said.