AG Finance debuts at the PSE

MANILA, Philippines - A new company debuted at the Philippine Stock Exchange on Tuesday. AG Finance, a company offering salary and consumer loans, listed its shares at the PSE, following an initial public offering. The company recorded a net income of P43 million in 2012, up 7% year-on-year. Proceeds from its IPO, which is estimated at P148 million will be used to expand its loan portfolio and pay debts. AG Finance president Leila Jorge said their loans are usually peso-denominated so they don't have any foreign exchange losses. - ANC