Corporate News

By Daphne J. Magturo, Reporter

PSE cuts list of Shariah-compliant stocks

Posted on April 09, 2015

THE Philippine Stock Exchange (PSE) has trimmed its list of publicly traded companies found compliant with the principles of Islamic law following its quarterly review.

An updated list of Shariah-compliant stocks, uploaded on the bourse’s Web site on Wednesday, showed the exclusion of Chemrez Technologies, Inc.

The specialty chemicals manufacturer voluntary delisted from the PSE on Jan. 10 as its public ownership level fell below the required 10% minimum after its parent D&L Industries, Inc. acquired a total of 99.7% stake.

That left 60 firms on the list:

• Abra Mining and Industrial Corp.;
• APC Group, Inc.;
• Apex Mining Co., Inc.;
• Araneta Properties Inc.;
• Asian Terminals, Inc.;
• ATN Holdings, Inc. “A”;
• ATN Holding, Inc. “B”;
• Bogo-Medellin Milling Co., Inc.;
• Centro Escolar University;
• Century Peak Metals Holdings Corp.;
• Cirtek Holdings Philippines, Corp.;
• Concepcion Industrial Corp.;
• D&L Industries, Inc.;
• Da Vinci Capital Holdings, Inc.;
• Dizon Copper Silver Mines, Inc.;
• DMCI Holdings, Inc.;
• DoubleDragon Properties Corp.;
• Easycall Communications Philippines, Inc.;
• EEI Corp.;
• Forum Pacific, Inc.;
• Globe Telecom, Inc.;
• Holcim Philippines, Inc.;
• iPeople, Inc.;
• IRC Properties, Inc.;
• Island Information & Technology, Inc.;
• Jollibee Foods Corp.;
• Keppel Philippines Properties, Inc.;
• Lafarge Republic, Inc.;
• Liberty Flour Mills, Inc.;
• Liberty Telecoms Holdings, Inc.;
• Mabuhay Vinyl Corp.;
• MacroAsia Corp.;
• Manila Bulletin Publishing Corp.;
• Manila Electric Co.;
• Marcventures Holdings, Inc.;
• Minerales Industrias Corp.;
• Nickel Asia Corp.;
• NiHAO Mineral Resources International, Inc.;
• Now Corp.;
• Oriental Peninsula Resources Group, Inc.;
• Pepsi-Cola Products Philippines, Inc.;
• Philex Mining Corp.;
• Philex Petroleum Corp.;
• Philippine H2O Ventures Corp.;
• Philippine Long Distance Telephone Co.;
• The Philodrill Corp.;
• Roxas and Co., Inc.;
• Semirara Mining and Power Corp.;
• SPC Power Corp.;
• SSI Group, Inc.;
• Starmalls, Inc.;
• STI Education Systems Holdings, Inc.;
• Swift Foods, Inc.;
• Trans-Asia Petroleum Corp.;
• United Paragon Mining Corp.;
• Universal Robina Corp.;
• Victorias Milling Co., Inc.
• Vitarich Corp.;
• Vulcan Industrial & Mining Corp.; and
• Wellex Industries, Inc.
Shariah-compliant stocks, as defined by the PSE, are those whose businesses do not involve conventional interest-based lending, insurance, mortgage and leasing, derivatives, pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema, and adult entertainment.

Revenue from prohibited activities should not exceed 5% of the total.

Shariah-compliant firms’ interest-bearing debt or interest-bearing deposits must not exceed 30% of their 12-month trailing average market capitalization.

Lastly, their accounts receivables should not go higher than 67% of their 12-month trailing average market capitalization.

The quarterly updating of the list is done with the help of San Francisco-based IdealRatings, Inc. and use of the standards of the Accounting and Auditing Organization for Islamic Finance Institutions.