Top Business News

PSE pushes investor’s ID
[MANILATIMES]THE Philippine Stock Exchange (PSE) president will lobby for an investor’s ID to minimize if not eliminate insider trading.
“I’d like to see the day when there is an investor’s ID—uniform [for all], regardless of how many accounts you have, regardless of how many brokers you have, [you] will still have one ID,” Francis Lim, the local bourse’s chief executive, told The Manila Times.
He, however, clarified that this investor’s ID is different from the national ID that the Arroyo administration is pushing.
Through the investor’s ID, individuals can have only one ID as a buyer and a seller.

Petron to raise more money
[MANILATIMES]PETRON Corp. said it would push through with a plan to raise money in the third quarter through the sale of preferred shares.
Eric Recto, Petron president and chief executive officer, said the company will issue P10 billion to P15 billion in preferred shares in the next three months.
“We will have to do the issuance of the preferred shares to build up our equity position,” he said.

PEP to list on Korean bourse
[ABS-CBNNEWS]Premiere Entertainment Philippines (PEP), a locally listed gaming and media firm, is eyeing to generate fresh capital by listing its shares on the Korean Exchange (KRX).
In a statement, PEP said it is hoping to attract new investors in its foray into the South Korean capital market. If successful, it will be the first Filipino company to be listed on Asia's fourth-largest stock exchange.
"I am really pleased that all is going as planned with our KRX listing project. I believe that the success of this project will open new doors for PEP and at the same time allow foreign investors to take part in a growing Philippine corporation,” said PEP chairman Jung Ku Lee.

Benpres to buy First Holdings preferred shares
[ABS-CBNNEWS]Benpres Holding Corp., the publicly listed holding firm of the Lopez family, is buying preferred shares of affiliate First Philippine Holdings Corp. (FPHC) as part of its cash management program.
In a disclosure to the Philippine Stock Exchange, Benpres said its board has approved a plan to purchase 500,000 preferred shares of FPHC.
"It's just to improve yields on approximately P50 million of our cash. We hold cash from several asset sales since last year. Preferred shares have zero voting rights, just fixed dividend yield," Carla Paras-Sison, FPHC public relations officer, told reporters in a text message.