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Philippine Stock Exchange to issue 11.5 million shares in stock rights offer

Philippine Stock Exchange Inc. is offering 11.5 million shares to shareholders through a stock rights offer as part of efforts to reduce broker ownership in the exchange.

The stock exchange operator will offer the shares at 252 pesos per share. The offer period will be from March 12 to 16.

The stock rights offer will be fully subscribed and will result in the dilution of broker ownership in the exchange to below 20%. The objective of the offer was to comply with a securities regulation that no single industry can own more than 20% of the voting rights of a stock exchange.

As of Feb. 26, US$1 was equivalent to 51.91 Philippine pesos.