Philippine infra companies allowed to list shares
Regulators have allowed companies building infrastructure projects under the government’s public-private partnership scheme to list shares on the stock exchange.
The guidelines cover companies or joint ventures that have been awarded PPP contracts worth no less than PHP5 billion (USD$102 million). Companies that don’t meet the three-year track record and operating requirement may apply for listing as long as they comply with the rest of the Philippine Stock Exchange’s rules. The Securities and Exchange Commission said in a statement:
“In support of President Duterte’s programs to sustain economic growth, listing PPP companies at the bourse will provide additional source of funding for PPP projects,”
PPP firms that list shares will not be allowed to hold a secondary offering. They will also be required to submit a business plan at least three years before their contract with government expires.
Duterte plans to raise infrastructure spending to record levels to replace the country’s ageing roads, railways and airports that have held back growth and cost the economy up to PHP2.4 billion (USD$49 million) in daily losses.
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