10 companies expected to list shares in '06, says PSE

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10 companies expected to list shares in '06, says PSE
Posted: 3:20 AM Jan. 14, 2006
Inquirer

ABOUT 10 companies in different sectors are expected to offer shares to the public this year, Philippine Stock Exchange (PSE) president Francis Lim said.

Lim declined to identify all the companies but said that First Generation Corp., a power producer of the Lopez group, would make its initial public offering (IPO) on Feb. 10 and food manufacturer Universal Robina Corp. of the Gokongwei group would list additional shares.

First Gen is expected to generate about P11.2 billion from its IPO.

"Money is now being channeled through private fund managers for investment abroad," Lim said. "The challenge now for the PSE is to work harder so that the money invested abroad will find its way back to the Philippines." He added that mining company Carmen Copper would also list its shares on the PSE, and a small export company that he did not identify was hoping to raise P250-P300 million from an IPO in the second quarter of the year.

Lim said he also expected broadcast company GMA Network Inc. and oil refiner Pilipinas Shell Petroleum Corp. to make their public stock offerings this year.

He said he was also urging pharmaceutical company United Laboratories Inc., bookstore chain National Bookstore Inc. and health and beauty products distributor Splash Corp. to proceed with their IPO plans.

"The economic indicators are good," Lim said. "The peso has appreciated by four percent against the US dollar. The gross international reserves are at a record high and the fiscal deficit is being contained. These factors will encourage companies to list their shares."

He said Splash had indicated its interest in going public, and said he hoped this would happen this year.

The PSE recorded a January-September operating revenue of P223 million, up 121 percent year-on-year, with increased listing fees on IPOs of SM Investments Corp. and Manila Water Co. Inc. With INQ7.net

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