Lucio Tan-led Eton to delist from PSE
MANILA, Philippines - The Philippine Stock Exchange (PSE) has approved the request of Eton Properties Philippines Inc., the real estate arm of tycoon Lucio Tan, to delist its shares from the local exchange.
Eton Properties, which has public ownership of only 5.65%, earlier filed a petition for voluntary delisting because of its inability to comply with the 10% minimum public float requirement of the PSE.
In a memorandum on Friday, December 21, the PSE said Eton will be delisted from the official registry of the stock exchange starting January 2, 2013, and that trading of Eton shares will be suspended by December 26, 2012.
The PSE has given non-compliant companies until December 31, 2012 to meet the requirement, which is part of the corporate governance initiatives of the exchange.
Companies that will not be able to comply with be slapped with 6-month trading suspension after which delisting procedures will commence.
Eton Properties went public in 2007 through backdoor listing of Balabac Resources and Holdings Corp.
Since the company started operations five year ago, Eton Properties launched a total of 45 projects. Its portfolio of launched and
completed projects includes residential, commercial, office projects and township developments. - Rappler.com