Fundraising through PSE down 14 pct so far this year

MANILA, Philippines – Philippine Stock Exchange (PSE) president Hans Sicat on Wednesday said total fundraising activity in 2013 is down 14% compared to last year. Sicat said the decline was due to the taper talk and volatility in the global market, noting that the figure is a “decent number” considering these factors. “We are probably at 14% below that P219 billion amount raised [last year]. But it is a decent number considering that in the middle of the year, a lot of companies basically just postponed any major fundraising,” he told ANC. Sicat said he expects fundraising activity to catch up “with the flurry of activity right now.” Several initial public offerings (IPO) were launched in recent weeks, such as Resorts World operator Travellers International Hotel Group Inc. and tugboat operator Harbor Star Shipping Services Inc. Robinsons Retail Holdings is also expected to launch its IPO next week. Sicat said he expects more companies to go public in the first quarter of 2014. He added that the Federal Reserve decision on fund tapering may have a positive effect on the financial market. “It means smoother sailing, less volatility and therefore if you’re trying to do your IPO, you probably want to pull the trigger sooner rather than later as long as we have a little bit of calm water,” he said. Meanwhile, Sicat said this year’s Bell Awards Ceremony will be held on November 19 to honor publicly listed companies and trading participants that adhere to high standards of corporate governance. In 2012, the companies awarded were Ayala Land, China Banking Corporation, Globe Telecom, Manila Water and SM Prime Holdings.