THE amount of capital raised at the Philippine Stock Exchange (PSE) for the first half of the year reached a record-high P150 billion, despite jittery market conditions.
The PSE said the amount raised from January to June was 40.5 percent higher than the P106.74 billion recorded in the same period last year.
“Market volatilities did not hamper the expansion plans of our listed companies. This is an indicator they are set on completing their business initiatives amid a robust domestic economy,” PSE President and CEO Ramon S. 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.”
The capital-raising activities for the period consisted of stock rights offerings by PetroEnergy Resources Corp., Robinsons Land Corp., Integrated Micro-Electronics Inc., the PSE, Metropolitan Bank and Trust Co. and Bank of the Philippine Islands and the initial public offering of DM Wenceslao and Associates Inc. last Friday.
There were also private placements in IRC Properties Inc., China Banking Corp., Basic Energy Corp. and Golden Bria Holdings Inc.
More fund-raising activities are expected to be completed in the next two months via follow-on offerings and stock rights offering, the PSE said.
“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,” Monzon said.