SSS wants seats in the board of PSE and Cirtek
The Social Security System said it plans to acquire more shares in the Philippine Stock Exchange and technology company Cirtek Holdings Philippines Corp. that will enable the state pension fund to get a board seat in these companies.
SSS commissioner Jose Gabriel La Viña said the pension fund was looking at the planned stock rights offering of the local bourse.
La Viña said SSS would be interested in acquiring a board seat in PSE because the pension fund had significant shares in several firms that were listed in the local bourse.
SSS has more than P100 billion, equivalent to about 23 percent of its investible portfolio, invested in the equities market.
The PSE is looking to raise as much P3.16 billion through a rights offering next month. It plans to sell 11.5 million common shares to eligible shareholders at an offer price of up to P275 apiece.
SSS is also looking to acquire more shares in Cirtek to take advantage of the potential growth of the company. SSS currently has about P400 million worth of Cirtek shares which it acquired from the open market.
The pension fund is in talks for possible acquisition of additional shares which will enable it to have one board seat in the company.
Cirtek raised $67 million in fresh capital in December from the issuance of dollar-denominated preferred shares which will be used to pay debt and fund strategic acquisitions.
The tech company is currently on expansion mode with a goal to become a $1-billion company.