Ibersol will return to the main interface of the Lisbon Stock Exchange. The company, which is responsible for running fast-food chains like Pizza Hut, KFC or Taco Bell, left PSI a year ago, but the index’s annual review determined it would return on March 20.
Euronext decided today [quarta-feira] In a statement, Euronext Lisbon clarifies that the results of the annual review of the PSI index, which will take place after the markets close on Friday, March 17, 2023, will come into effect from March 20, 2023.
The only change is the entry of Ibersol, which has its market value 296.24 million euros (with each share worth 6.44 euros at the last stock exchange session). If there is no exit, the index will consist of 16 listed companies.
Since the last time it was part of the main index, the company led by Antonio Alberto Teixeira closed the sale of Burger King restaurants in Portugal and Spain to Restaurant Brands Iberia (RBI) for €260 million. According to the latest results released to the market, in the first nine months of 2022 Ibersol recorded a combined profit of €14.6 million, compared to a negative result of more than €20 million in the same period of the same period.
Ibersol, Pharol, Novabase and Ramada left the National Benchmark on March 18 of last year, after their last annual review. With a new name, PSI has since traded with just 15 listed companies.
The name change was accompanied by rule changes as well. Unlike up until then, where the main window of the Lisbon Stock Exchange had to fill 18 positions, there was no minimum number of positions a year ago, and listed companies had to meet a range of requirements to guarantee a place in the national reference index.
PSI members must have a “free float” market capitalization (the market value of the company’s actually traded shares) of at least €100 million.
Added to this new requirement is the turnover velocity standard, whereby 15% of accepted shares must have traded in the 12 months prior to review. Of the total, only two companies can fall below the 10% barrier. It is still necessary to be on the exchange for more than 20 days or to have continuous trading (which excludes from the start companies that trade by call, as is the case with some SAD sports clubs).
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