PSE removes Energy Development from PSEi as free float dips below 12%

The Philippine Stock Exchange Inc. (PSE) said on Tuesday that Energy Development Corporation (EDC) will be removed from the benchmark PSEi as its free float level dropped below the 12 percent minimum requirement to qualify as a main index constituent.
 
EDC will be replaced by Robinsons Retail Holdings Inc. (RRHI). RRHI, which was listed in November 2013, is the fifth stock from the Services sector on the PSEi.
 
RRHI will be included on the PSEi on Sept. 28, 2017.

EDC shares were down 15 percent at P5.10 per share by the midday break on the PSE Tuesday, after falling also 15 percent to P6 at the close of trading on Monday.

EDC completed a voluntary tender offer deal with buyer Philippines Renewable Energy Holdings Corp. (PREHC), covering 8.9 billion EDC shares, equivalent to 31.7 percent of outstanding voting shares and 47.5 percent of total common shares, according to BDO Securities Corporation.

BDO Securities, the tender offer agent, noted the payment of net proceeds for tendered shares that have been accepted and purchased will settled starting September 29. 

The tender offer period started from on August 10 and ended on September 18. — VDS, GMA News