Philippine Exchange to demutualize in August

But IPO not likely until markets improve.

The Philippine Stock Exchange PSE says it will issue shares to 186 exchange members on August 8 this year, completing the initial step of its demutualization process.

This will see the bourse complying with rules set down in the Securities and Regulation Code enacted in August last year that called for demutualization within one year. However, there is no timetable for the second step in the demutualization process, an initial share sale to the public and listing of the...

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