MVP-led Metro Pacific tollways unit delists from PSE

MANILA, Philippines – Pangilinan-led infrastructure group, Metro Pacific Tollways Corp. (MPTC) announced that it will delist its shares traded in the local stock exchange. 

In a disclosure to the Phiippine Stock Exchange (PSE) on Monday, October 15, MPTC’s parent firm Metro Pacific Investments Corp. (MPIC) said its board, led by businessman Manuel V. Pangilinan, approved the delisting during its meeting.

The move comes amid the looming January 1, 2013 deadline for listed companies to raise their public float levels to 10%. Companies that fail to comply will be slapped with a 5% to 10% capital gains tax.

On October 15, MPTC’s free float level stood at only 0.15%.

“MPIC is thus offering to acquire the remaining shares held by the MPTC Minority Shareholders consisting of up to 7,484,158 common shares and representing up to 0.15% of the total issued and outstanding capital stock of MPTC,” the infrastructure parent firm told the exchange.

Trading of MPTC shares will be halted on October 16 for one hour from 9 a.m. “to give the investing public sufficient time to digest the material information.”

At least 26 other firms also did not meet the 10% requirement as of July 30.

San Miguel Corp is also considering voluntarily delisting 3 of its business units by the end of 2012. The penalty could be tough on companies planning on selling shares to finance expansion and other expenses. – Rappler.com