MANILA-- The Philippine Stock Exchange, Inc. (PSE) has released listing and disclosure rules that will enable companies list major infrastructure projects on the exchange.
"We are excited about this new product especially as government has committed to accelerate infrastructure spending. We hope that PPP (public-private partnership) companies will now consider the equities market as an avenue for their capital raising activities," said PSE President and Chief Executive Officer Hans B. Sicat.
Under the PPP listing and disclosure rules, the applicant PPP company does not have to meet the required minimum three-year track record and operating history, provided that it complies with the additional listing and disclosure requirements for PPP firms.
The applicant PPP company must be a corporation awarded a PPP contract with a minimum project cost of Php5 billion.
The firm should have also completed, at the minimum, a phase of the project and has commenced commercial operations and/or maintenance services depending on the nature of the contract.
"We believe that infrastructure development is critical in enhancing productivity and efficiency of various sectors of the economy. With these rules, we hope the PSE is able to contribute to the goal of sustaining the growth trajectory of the country," Sicat added.
Infrastructure listing is allowed in Asian markets such as Bursa Malaysia, Hong Kong Exchanges and Clearing Ltd., Japan Exchange Group, Stock Exchange of Thailand, and Taiwan Stock Exchange.
"2016 is turning out to be a good year for our product development initiative. We still need to do a lot more to catch up with our peers in the region and we hope with the cooperation and help of all stakeholders, we can get closer to our vision of becoming a world-class exchange," Sicat said.
He also thanked the Securities and Exchange Commission, the PPP Center and other stakeholders for supporting the PPP securities product.
Source: Philippines News Agency