PSE orders listed firms to broaden public float
The Philippine Stock Exchange has ordered listed companies with a public float of less than 10 percent to immediately take steps to broaden their investor base.
The exchange in a letter asked the companies to comply with the 10-percent minimum public float and reiterated its threat to suspend the trading of their shares.
Those ordered to comply include Petron Corp., San Miguel Purefoods Co. Inc., Atok-Big Wedge Co., Alphaland Corp., Polar Property Holdings Corp., PLDT Communications and Energy Ventures Inc., Makati Finance Corp., EasyCall Communications Philippines Inc. and Republic Cement Corp.
They also include Manchester International Holdings Inc., United Paragon Mining Corp., Aboitiz Transport System Corp., Euro-Med Laboraties Philippines Inc. and Keppel Philippines Marine Inc.
San Miguel Purefoods, in a reply to PSE’s letter, said the company was taking moves to widen its investor base by conducting a secondary offering through private placement or issuance of new shares to interested investors.
“The management continues to study the appropriate timing of the issuance taking into consideration viable business opportunities and prevailing market conditions,” San Miguel Purefoods said.
Petron said it would take steps to meet the requirement at “earliest possible time” while PLDT Communications said it would evaluate its options. Related story on B2
Other companies also promised to comply with the PSE rules.
The Securities and Exchange Commission in October approved the re-imposition of the 10-percent minimum public ownership rule on listed companies.
Top