The Philippine Stock Exchange is undergoing a significant index adjustment, as two heavyweight companies become ineligible due to reduced public float.
Metro Pacific Investments (MPI), led by bilyonaryo Manny V. Pangilinan, and Aboitiz Power (AP) of the Aboitiz family are the affected entities.
MPI successfully reached its voluntary delisting target by significantly reducing its free float, well below the 10 percent minimum threshold for publicly-listed firms, as confirmed by the recently concluded tender offer on September 19.
AP’s public float dwindled to 19.89 percent after the company, along with its director, Daniel Aboitiz, acquired a combined total of 12.48 million shares in recent days. This fell short of the required 20 percent public float necessary to remain in the index.
They have been replaced by Bloomberry Resorts (BLOOM), owned by ultra bilyonaryo Ricky Razon, and Century Pacific Food (CNPF) of the heirs of the late tycoon Ricardo Po.
BLOOM saw a one percent increase, reaching P11.12, while CNPF soared by 4.8 percent, achieving an all-time high of P30.40.
PSE President Ramon S. Monzon stated that the adjustments to the PSEi will come into effect on Tuesday, September 26.