PSE approves creation of real estate unit

The Philippine Stock Exchange Inc. (PSE) on Thursday approved the creation of a subsidiary to handle the company’s property assets.

“The Board of Directors of PSE in its meeting held today approved the incorporation of a wholly owned realty company called ‘PSE Realty Inc.’ or ‘PRI’,’ the PSE said in a regulatory filing submitted by corporate information officer Aissa Encarnacion.

PRI will own and manage the real estate assets of PSE, which include the property located on Ayala Avenue in Makati City. PSE is the operator of the country’s stock market.

The real estate unit will have a capitalization of P1,000,000,000.00 of which P701,800,000.00 will be subscribed and paid-up, according to the PSE. —Ted Cordero/VDS, GMA News