Public float-deficient firms down to 12 as deadline nears
MANILA, Philippines - As the yearend deadline for complying with the Philippine Stock Exchange's (PSE) rule of having at least 10% public ownership nears, listed firms move to sell shares or voluntarily delist.
Firms that remain non-compliant, but do not intend to voluntarily delist their shares have until December 31 to comply with the requirement or else, they will be suspended.
The trading suspension will last for 6 months. If after this period the firms still fail to comply, they will be automatically delisted.
Below is an inventory of the status of the 25 errant firms in PSE's December 7 list.
As of Friday, December 21, 12 firms fall short of the minimum public ownership requirement. They are:
- Alphaland Corp. (8.03%)
- Manchester International Holdings Unlimited Corp. (6.79%)
- Southeast Asia Cement Holdings Inc. (2.41%)
- PAL Holdings Inc. (2.30%)
- Allied Banking Corp. Convertible Preferred A (1.51%)
- Maybank ATR Kim Eng Financial Corp. (0.89%)
- San Miguel Brewery Inc. (0.61%)
- PNOC Exploration Corp. (0.21%)
- San Miguel Properties Inc. (0.06%)
- Philcomsat Holdings Corp. (9.60%)
- Cosmos Bottling Corp. (1.79%)
- Nextstage Inc. (1.20%)
Those that are now compliant after selling shares to the public include:
- Integrated Micro-Electronics Inc. (10.07% from 8.53%)
- Synergy Grid & Development Phils. (12.49% from 7.44%)
- LT Group Inc. (10.41% from 4.75%)
- SPC Power Corp. (10.08% from 4.53%)
- Vivant Corp. (11.02% from 4.18%)
- Atok-Big Wedge Company Inc. (10.05% from 4.16%)
- Mariwasa Siam Holdings Inc. (13.70% from 3.89%)
- Filinvest Development Corp. (10.16% from 3.35%)
- 2GO Group Inc. (11.66% from 1.85%)
- GlobalPort 900 Inc. (10.82% from 0.12%)
Those that have voluntarily delisted are:
- First Metro Investment Corp. (1.94%)
- Metro Pacific Tollways Corp. (0.15%)
One company, Lucio Tan-led Eton Properties Philippines Inc., has gotten the approval of the PSE to delist its shares on January 2. Eton's public float stands at 2.54%.
Aside from being suspended, float-deficient firms will face higher taxes for share deals outside the exchange, starting January, the Bureau of Internal Revenue previously said. These taxes include 5% or 10% capital gains tax and documentary stamp tax. - Rappler.com