The Philippine Stock Exchange, Inc. (PSE) is confident that it will finally be able to bring down broker ownership in the bourse to less than 20% after the conduct of its stock rights offering (SRO) this March.

In a statement issued over the weekend, the PSE said it has signed an underwriting agreement with BDO Capital and Investment Corp and First Metro Investment Corp for the issuance. With the two firms handling the SRO, the company guaranteed the the shares will be fully subscribed.

“The firm commitment of our underwriters to our SRO effectively reduces the ownership of brokers in the Exchange to below 20 percent. Compliance with the Securities Regulation Code (SRC) on the 20 percent maximum broker ownership in the Exchange has finally been achieved,” PSE President and CEO Ramon S. Monzon explained. — Arra B. Francia

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