After a 2.9-billion peso stock rights offering that diluted brokers’ ownership in the Philippine Stock Exchange (PSE), the local bourse is still non-compliant with the 20-per cent limit on single industry ownership, the Securities and Exchange Commission (SEC) said yesterday.

The excess amounts to 2.05 per cent, which the PSE has proposed to address by excluding dormant brokers from the computation, but the SEC said these brokers must first amend their charter to exclude brokering for this to be acceptable.

The statement was issued by the SEC to explain the penalty of 106,000 peso slapped on the PSE “for violation of the disclosure rules.” The SEC explained that the PSE’s earlier statement that the stock rights offering would make it compliant with the 20-percent single industry limit was “inaccurate and misleading.” – Philippine Daily Inquirer

Govt deals with unfair economic distribution

Indonesia’s National Development Planning Minister Bambang Brodjonegoro says the government is working to narrow the economic disparity among the regions as currently, economic activities are mostly centered in Java and Sumatra.

“We will focus on finding solutions on how to balance economic development between Java and other islands,” said Bambang in Jakarta when announcing the Indonesian Development Forum (IDF), to be held on July 10-11.

“In the terms of size, Java is not too big, but in terms of the economic development, the island enjoys the biggest portion. It is unfair for other areas such as Kalimantan and Papua that are larger than Java.” Economic activities in Java and Sumatra contribute 80.15 per cent to the gross domestic product (GDP) with Java topping the chart with 58.49 per cent contribution. Meanwhile, eastern Indonesia lags behind despite its potential. – The Jakarta Post

Khazanah buys medical centre from Petronas

Malaysia’s Khazanah Nasional Bhd is buying a 100-per cent stake in the Prince Court Medical Centre from Petroleum Nasional Bhd for an undisclosed sum as it seeks to build up the healthcare services sector in Malaysia.

The sovereign wealth fund said on Thursday it had signed a share sale and purchase agreement with the national oil corporation to acquire the private healthcare hospital at an agreed price comparable to market assessment, payable upon completion of the transaction. – The Star