JP Morgan gets nod to reopen PSE seat in JulyPosted: 0:28 AM |...

JP Morgan gets nod to reopen PSE seat in July
Posted: 0:28 AM | Jun. 22, 2005
Elizabeth L. Sanchez
Inquirer News Service


Published on Page B5 of the June 22, 2005 issue of the Philippine Daily Inquirer

THE PHILIPPINE Stock Exchange has approved the application of US-based firm JP Morgan Securities (Philippines) to reopen its brokerage seat in the local bourse, PSE president Francis Lim said.

JP Morgan will open its seat in the stock market after two years of hibernation.

Lim said the PSE approved the move last week.

Roberto Panlilio, chair of JP Morgan Philippines, told the Inquirer that the firm sees a big potential in the country, taking into account the recent appetite for initial public offerings.

According to sources, JP Morgan hopes to relaunch its PSE seat in July as soon as it secures the regulator's approval.

JP Morgan suspended its brokerage activities in April 2003 after a number of brokers, both foreign and local, became dormant due to anemic volumes in the market.

Lim said JP Morgan's renewed interest is a welcome development for the exchange.

JP Morgan in the Philippines is part of the JP Morgan Chase group of New York, which has assets of approximately $1.1 trillion and operations in more than 50 countries.

The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management and private equity.

Also, power generation firm First Generation Holdings and Producers Rural Bank of Cabanatuan in Nueva Ecija are keen on making their debut in the local stock market.

First Gen has expressed its interest to list at the stock market this year and has tapped investment banks UBS, CLSA, BDO Capital and ATR Kim Eng as underwriters. First Gen hopes to offer between 20 and 40 percent of new and previously-owned shares worth an estimated $300 million.

First Gen is the holding company of the Lopez Group for power and energy-related businesses which controls some 1,725 megawatts of gross generation capacity.

In its management report, the PSE also said it was in contact with several companies that were also keen on holding their respective maiden offerings. These included thrift bank Philippine Business Bank, juice maker Zesto Corp., coffee shop operator Figaro and call center group eTelecare.

The PSE also said it would set meetings with other companies to discuss possible public offerings. These are Internet company Chikka.Com, National Bookstore, oil firm Flying V, beauty care products maker Splash, Pascual Laboratories, and PNOC Energy Development Corp.


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