“For Eton Properties Philippines, there is always a possibility. Definitely, we will have to comply soon,� Wilson T. Young, a board member of Eton Properties as well as PAL Holdings, told reporters late on Wednesday.
PAL Holdings, meanwhile, is still waiting for a more favorable “timing� of a possible secondary offering, Mr. Young said.
Eton Properties Philippines, has a public float of 5.6% while PAL Holdings has a free-float level of 2.3%.
Mr. Tan similarly told reporters his group “will study� share sales for listed units after liquor arm Tanduay Holdings, Inc. moved to hike its public float to 12.63% from the current 2.92%.
Tanduay Holdings on Wednesday conducted an investors road show for its planned sale of 398,138,889 shares currently held by controlling shareholder Tangent Holdings, Inc.
Tanduay Holdings on Tuesday set the indicative price range from P3.88-P5.22. The final price will be determined on Dec. 1 while selling will run from Dec. 5-9.
Listed firms are required to have at least 10% of their shares trade on the bourse by Nov. 30 or else face fines and eventual delisting. The Philippine Stock Exchange had said that it was looking to further increase the public float requirement for listed companies to 12% from 10% and is considering trimming the grace period for companies who failed to comply to one year from three years.
Eton Properties Philippines was incorporated in 1971 under the name Balabac Oil Exploration Drilling Co., Inc. to engage in oil exploration and mineral development projects in the Philippines. It eventually changed its primary purpose to a holding company, with real estate development and oil exploration as among its secondary purposes.
The company operates the business process outsourcing offices Cyberpod Centris in Quezon City.
The developer also is behind the Cyberpod Corinthian development in Ortigas Center where a cluster of three fully leased, four-storey BPO buildings with a total space of 25,589 sq.m. had been constructed.
Eton Properties posted P182.74 million in its third-quarter net income, 21.6% higher than last year’s P150.27 million due to lower costs and expenses.
Meanwhile, PAL Holdings operates flag carrier Philippine Airlines, Inc., which is laying off some 2,600 ground crew.
PAL Holdings saw a net loss of P1.69 billion in the third quarter of the year, a reversal from a net profit of P1.22 billion in the same period last year as revenues from cargo and aircraft lease declined in the current year
Shares of Eton Properties stood unchanged at P3.25 apiece yesterday while PAL Holdings share prices fell by 0.33% to P6.03 apiece. — Cliff Harvey C. Venzon