Beauty pageant boss now heads bourse
MANILA: The stock exchange’s new president, Ramon Monzon, pledged to reduce brokers’ ownership of the bourse, refine rules on short-selling and introduce structured warrants.
Monzon said he was also working to remove hurdles for Philippine Stock Exchange Inc’s purchase of bond-exchange operator Philippine Dealing System Holdings (PDS) Corp, a deal first proposed in 2013.
“The biggest challenge we are facing right now is getting regulatory approval for the purchase,” he said.
Monzon is also chairman and president of Carousel Productions Inc, which owns and runs the Miss Earth beauty contest.
The bourse was working to bring down brokers’ ownership in the exchange to 20 per cent from around 28 per cent, said Monzon. Options being considered include convincing brokers to sell to non-brokers, private placements and offering preferred voting shares.
Monzon replaces Hans Sicat, who exchange chairman Jose Pardo said in March would work on sealing the merger of the stocks and bond exchanges as head of the PDS. Bloomberg