Four (4) publicly-listed companies are in danger of being delisted from the Philippine Stock Exchange (PSE) if they fail to comply with the public float requirement before the end of this month.
The four companies are PAL Holdings (PAL), Nextstage Inc. (NXT), Philcomsat Holdings Corp. (PHC), and PNOC-Exploration Corp. (PEC).
Those expecting to make a huge profit from the initial public offering of D&L Industries (stock code: DNL) might have to wait longer, after the DNL stock fizzled in the local stock market weeks after its IPO.
Twelve (12) publicly-listed companies have only two remaining trading days to comply with the local stock exchange’s rule on minimum public ownership (MPO); otherwise, their stock will face trading suspension effective next week.
Despite a formal request from some companies to extend the deadline, the Philippine Stock Exchange (PSE) stood ground and reiterated its deadline of December 31, 2012 for publicly-traded firms to meet the required 10% public float level.
Less than two months before the deadline set by the Philippine Stock Exchange (PSE) for publicly traded companies to comply with the minimum public ownership rule, several firms are opting for a delisting instead and are currently in the process of making a tender offer.
A Tender Offer is an invitation to the public, specifically minority shareholders, to surrender or tender their shares to the acquiring entity at a specific price during a specified time.
