MANILA, Philippines – The Philippine Stock Exchange (PSE) announced it will add Robinsons Retail Holdings, Incorporated (RRHI) to its benchmark PSE index (PSEi) to replace Energy Development Corporation (EDC), which will be delisted from the bourse.
In a statement on Tuesday, September 26, the PSE said "EDC will be removed from the PSEi as its free float level dropped below the 12% minimum requirement to qualify as a main index constituent." The move will take effect on Thursday, September 28.
Gokongwei-led RRHI was listed in November 2013 and will become the 5th stock from the Services sector that is part of the PSEi.
The Lopez family announced last month that its power unit First Gen Incorporated will sell its 10.6% stake in EDC to an investment consortium made up of Macquarie Infrastructure and Real Assets and an affiliate of Singapore-based GIC. First Gen, though, retained control of the renewable energy producer through preferred shares.
The consortium also announced its intent to acquire up to 8.9 billion more common shares from the public through a tender offer, and then eventually delist from the stock exchange.
The PSEi is a fixed basket of 30 common stocks of listed firms selected to represent the general movement of the stock market and is seen as the benchmark to measure the performance of the Philippine stock market.
The market itself has been on a tear in recent weeks, posting 3 straight all-time highs and breaching the 8,300 mark for the first time during intraday trading last Thursday, September 21. – Rappler.com