Alaska, 2Go delist from stock market

Rappler.com
Two more listed firms whose traded shares fall below the minimum required by the exchange announced their delisting

MANILA, Philippines – Two more listed firms announced their delisting as the requirement of the exchange on minimum traded shares effective January 2013 nears. 

Transportation firm 2Go Group announced the delisting of its preferred shares effecive December 7, while canned milk producer Alaska Milk Corp. ended the trading of its shares at the Philippine Stock Exchange (PSE) effective Monday, October 29.

Alaska’s shares will be delisted from the official registry of the exchange effective November 5.

“In its regular meeting held on October 24, the Board of Directors of the Exchange granted the Petition for Voluntary Delisting filed by Alaska Milk Corp,” PSE president Hans Sicat said in an October 29 statement.

Alaska’s 976,069,878 shares, which were traded under the symbol AMC since it listed January 17, 1995, accounted for only 2.28% of total shares, far below the 10% minimum the stock exchange has set as part of its reform programs.

In March, Dutch dairy giant Royal FrieslandCampina and the local dairy’s founding family, the Uytengsus, announced the they have entered into a deal making the foreign firm the single biggest shareholder in Alaska.

AMC was last traded at P17.20 apiece, giving it a market capitalization of P15.23 billion.

Also on October 29, Aboitiz-led 2Go Group Inc. announced that it sought voluntary delisting of its preferred shares by December 7.

The integrated transport solutions provider was formerly the popular William, Gothong & Aboitiz, Inc. (WG&A) passenger and cargo shipping line, which was the main cash cow of the Aboitiz family for decades.

Following a series of accidents killing scores of passengers, internal conflict that led to corporate restructuring and renaming to Aboitiz Transport System Corp (ATSC), skyrocketing fuel prices, and the rise of alternative and more convenient travel via budget airlines, the Aboitizes sold their shareholdings in ATSC to engross Navigation (NENACO) in a deal that was completed in 2010.

Now called 2Go, its 2,484,652,900 listed common shares, trading under symbol 2GO since it listed on May 15, 1995, accounted for only 1.85% of total shares.

The common shares last traded at P2.15 apiece, reflecting a market price of P5.259 billion.

Its 4,560,417 preferred shares are trading under the symbol 2GOP since it listed in January 7, 2003. These were last traded at P2.12.

2Go said in the statement to the exchange that it will buy back the remaining redeemable preferred shares at P6 apiece on December 7 based on shareholdings of eligible owners as on November 20.

Trading is suspended from November 15 to December 5.

The PSE is requiring all listed firms to abide by its rules that, to have access to the capital market, the firms must have at least 10% of its total shares held by the public. 

All listed firms not complying with the rules by January 2013 face sanctions.– Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.