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 company. This wont occur until stock exchange members see some favourable market conditions that would give a reasonable valuation to their holdings.
The PSEs Demutualization Committee completed a valuation of the exchanges...
