Century Pacific debuts on Asia-Pacific equity market
Century Pacific Food Inc (CNPF), the Philippines’ largest canned food company, is slated to debut on the highly-tracked FTSE Global Equity Index Series for Asia Pacific excluding Japan.
CNPF will be added to FTSE Index’s Small Cap and AllCap categories effective March 20, 2017.
The company’s inclusion to the FTSE Global Equity Index Series is the result of a semi-annual review on more than 7,400 securities in 47 different countries.
FTSE Indexes serve as performance benchmarks and aid in the creation of a broad range of financial products, including index tracking funds, derivatives, and Exchange Traded Funds.
CNPF chief finance officer Oscar Pobre said the company remains positive on its long-term prospects even as it faces a more challenging environment this year.
“We will continue to share our investment story as we believe that the Philippine growth story remains alive and well,” Pobre said.
CNPF earlier made its debut on the MSCI Philippine Small Cap Index last May 31, 2016.
CNPF’s last trading price increased 2.75 per cent or P0.460 to close at P17.16 per share on Monday (March 13).
STI Holdings’ $99.4m bond offer okayed
STI Education Services Group Inc (STI-ESG), a wholly-owned subsidiary of STI Education Systems Holdings Inc, on Friday received the approval of the Securities and Exchange Commission (SEC) to sell bond shares of up to $99.4 million (P5 billion).
STI Holdings informed the local bourse that its unit received the order of registration, and permit to sell by the SEC in relation to the shelf registration of the P5 billion fixed rate bonds to be offered in one or several tranches.
The first tranche will be a total of P3 billion to be issued in two series, Series 7Y and Series 10Y, respectively.
STI ESG has a total of 77 schools nationwide and is composed of 66 STI branded colleges and 11 STI education centers.
A proprietor of one of the largest network of private schools in the Philippines, STI Holdings posted a record high of P2.1 billion in revenues during the last nine months ending December 31, 2016 — about 15 per cent higher than the P1.9 billion it generated during the same period in 2015. It gained profit of up to P624 million.
Last year, STI Holdings acquired iAcademy, a tech school run by STI-ESG, for $2.3 million.
The company plans to expand the operations of iAcademy to target specialized information technology fields in multimedia arts and animation as well as the offer of transnational education.
STI Holdings’ trading price remained at P1.16 per share since Friday.