BIZ BUZZ: AREIT, Chinabank in; Wilcon, Nickel Asia out
Just as the market closed last Friday, the Philippine Stock Exchange Inc. (PSE) welcomed two new members to the 30-company PSE Index (PSEi) as a result of its regular review.
Ayala-led AREIT Inc., the country’s first real estate investment trust (REIT), will make its debut as among the largest and most actively traded companies in the local stock market.
It is also the first REIT to get a PSEi slot, and aptly so: since its listing in 2020, AREIT’s share price has already risen by 48.5 percent to P40.10 each, for a market capitalization of P128.72 billion.
The stock market debut of the commercial and office landlord later opened doors for other REITs to list.
“This shows the immense potential REITs have as an investment product, and serves as a good example for REIT issuers that aspire to maximize this particular type of listing vehicle,” PSE president and CEO Ramon Monzon said in a statement on Friday.
At the same time, Sy family-led China Banking Corp. will make a comeback into the PSEi after 14 years.
These two will replace Nickel Asia Corp. and Wilcon Depot Inc., both of which were transferred to the PSE MidCap index that comprises the 20 largest companies listed on the bourse after those in the PSEi.
