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).
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.
With just three weeks remaining until the deadline set by the Philippine Stock Exchange, twenty-five (25) publicly-listed firms remain in danger of being delisted from the local bourse for failing to meet the rule on minimum public ownership.
Back in June 2012, at least 27 companies have been reported to have not met the 10% public float requirement and were given until December 31, 2012 to comply. (See: PSE to delist 27 firms if 10% Public Float rule not met)
At least twenty-seven (27) publicly-listed firms, including San Miguel Brewery (SMB), Eton Properties Inc. (Eton), and First Metro Investment Corporation (FMIC), are facing possible trading suspension by next year, if they are unable to comply with the minimum public ownership requirement set by the Philippine Stock Exchange (PSE).
Those holding Cebu Pacific (CEB) stocks are probably wondering what’s causing the stock to plummet during the past trading days. In just one week, the stock price of budget airline Cebu Pacific has declined by 9.3%, closing at P61.40 in last Friday’s (August 24) trading.
It’s actually been a losing battle for CEB stockholders since the company’s hyped initial public offering (IPO) in 2010. On its first trading day on the Philippine Stock Exchange (PSE) in October 2010, Cebu Pacific rose to P133.00 from its IPO price of P125.00. Unfortunately, the stock has not recovered from that all-time high price. It even ended the year 2011 at half the price, closing at P64.80 on the last trading day.
