THE Philippine Stock Exchange, Inc. (PSE) plans to incorporate a firm that will offer information technology (IT) services and develop software solutions.
In a disclosure posted on Wednesday, the bourse operator said its board of directors has approved the incorporation of the IT firm. It will have an authorized capital stock of P100 million, half of which will be subscribed and paid-up.
The PSE did not provide further details when asked for comment.
The company last year also established a new subsidiary that will handle its real estate assets called PSE Realty, Inc. PSE’s real estate assets include the office spaces in Ayala Tower One in Makati. The company moved out of Makati in 2018 to the new PSE tower along Bonifacio High Street in Bonifacio Global City.
Prior to the move, the PSE sold its old offices in the PSE Tektite Building in Ortigas Center to its developer, Philippine Realty Holdings Corp. for P257.16 million.
PSE’s net income attributable to the parent dropped by 49% to P256.62 million in the first nine months of 2018, due to higher expenses incurred during the period.
Shares in PSE jumped 3.68% or P6.60 to close at P186 each at the stock exchange on Thursday. — Arra B. Francia
