UPDATE 2-Philippine cement maker enjoys strong market debut after Duterte's infrastructure pledge

lunes 18 de julio de 2016 02:36 GYT
 

* Shares rise as much as 5.7 pct above IPO price

* IPO was country's biggest since 2013, raised $537 mln

* Firm to invest $300 mln in new cement plant

* Government has pledged to raise infrastructure spending (Adds underwriter comment, political context)

By Neil Jerome Morales

MANILA, July 18 (Reuters) - The Philippines' second-biggest cement maker by market value enjoyed a strong stock market debut on Monday, as investors bought into a pledge from the three-week-old government to build roads, rails and ports to stimulate economic growth.

Cemex Holdings Philippines Inc's shares rose as much as 5.7 percent from the 10.75 pesos set in an initial public offering (IPO) that raised 25.13 billion pesos ($536.79 million) - the country's biggest IPO in three years.

The listing is the first since tough-talking Rodrigo Duterte became president promising to increase infrastructure spending outside of the capital Manila, to create jobs and ensure economic growth is felt more broadly throughout the country.

Duterte's election also coincided with emerging stability in the stock market after a year of excessive volatility that prompted some companies to defer listing plans. Market watchers said Cemex's strong debut may give those plans renewed impetus.   Continuación...