PSE completes buyback of broker shares

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    The Philippine Stock Exchange (PSE) said it has completed the acquisition of brokers’ shares as part of its effort to reduce the consolidated stake of brokers to the mandatory 20 percent.

    The Exchange crossed Tuesday another 753,983 shares worth P138.68 million that will be converted to treasury shares as a result of the buyback, bringing the total shares acquired to 2.89 million since the buyback was announced last August, worth P532.01 million.

    This leaves the PSE with outstanding shares of 82.1 million though it did not disclose how much brokers now has as a group.

    In October, Ramon Monzon, PSE president, said the PSE eyes a new round of share buyback in lieu of issuing non-voting preferred shares, part of the August buyback plan, as part of its compliance to cutting broker shares.

    Monzon then said the brokers combined only had 23.8 percent stake in the PSE, down from 26.44 percent in March.