Beauty pageant boss now heads bourse

New Straits Times - - Business -

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

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