60 PSE-listed firms Shariah compliant

Sixty publicly-listed companies have made it to the latest cut of the Philippine Stock Exchange’s (PSE) Shariah-compliant firms.

As of end-March 2015, the PSE said 60 of the more than 260 listed companies adhere to the Shariah standard, down from 61 in the previous quarter’s list.

There was no new entrant in the latest list posted on the PSE website.

The only company which was removed from the list was Chemrez Technologies, Inc. after it voluntary delisted itself from the local bourse following the acquisition of parent D&L Industries, Inc.

The Shariah covers the rules, regulations, teachings and values that govern the lives of Muslims.

To make it to the PSE’s list, a company should be found compliant with the moral code and religious law of Islam.

Among the Shariah-compliant firms were APC Group Inc., Century Peak Metals Holdings Corp., EEI Corp., Globe Telecom Inc., MacroAsia Corp., NIHAO Mineral Resources International Inc., SSI Group Inc., Trans-Asia Petroleum Corp., ATN Holdings, Inc. A and B shares, Abra Mining & Industrial Corp., Bogo-Medellin Milling Co. Inc., Concepcion Industrial Corp., Da Vinci Capital Holdings Inc., Dizon Copper Silver Mines Inc., Forum Pacific Inc., IRC Properties Inc., Island Information & Technology Inc., Keppel Philippines Properties Inc., Liberty Telecoms Holdings Inc., Now Corp., The Philodrill Corp., Roxas and Co. Inc., SPC Power Corp., Swift Foods Inc., United Paragon Mining Corp. and Wellex Industries Inc.

Other companies that were retained in the list are Apex Mining Inc., Araneta Properties Inc., Asian Terminals Inc., Calapan Ventures Inc., Centro Escolar University, Cirtek Holdings Philippines Inc., D&L Industries Inc., DMCI Holdings Inc., Holcim Philippines Inc., iPeople Inc., Jollibee Foods Corp., Lafarge Republic Inc., Liberty Flour Mills Inc., Mabuhay Vinyl Corp., Manila Bulletin Publishing Corp., Manila Electric Co., Marcventures Holdings Inc., Nickel Asia Corp., Oriental Peninsula Resources Group Inc., PepsiCola Products Philippines Inc., Philex Mining Corp., Philex Petroleum Corp., Philippine Long Distance Telephone Co., Semirara Mining Corp., Starmalls Inc., STI Education Systems Holdings Inc., Universal Robina Corp. and Vulcan Industrial & Mining Corp.

The primary business of the companies which made it to the list are not in conventional interest- based lending, financial institutions, insurance, mortgage and lease derivatives, pork, alcohol, intoxicants, tobacco, arms and weapons, embryonic stell-cem research, hotel, gambling, casinos, music, cinema and adult entertainment.

The PSE said total revenues derived by these companies from the list of prohibited business, if any, do not exceed five percent.