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).
A few days ago, I drove by a Petron outlet to gas up and noticed a poster advertising San Miguel Corporation (SMC)‘s public offering of its “Series 2” Preferred Shares. There’s nothing illegal about the advertisement. SMC is a primary stockholder of Petron Corp. and they can advertise anything in any of their Petron branches.
Eduardo “Danding” Cojuangco is the rightful owner of the contested 20% shares of San Miguel Corporation (SMC), the Philippine Supreme Court ruled with finality today.
The Supreme Court (SC) struck down the appeal of the government, represented by the Philippine Commission on Good Governance (PCGG), saying the petitioner failed to substantiate its claim that the SMC shares were part of Cojuangco’s ill-gotten wealth allegedly acquired during the reign of ex-President Ferdinand Marcos.
In what is touted as the biggest corporate bond issue in the Philippines, beer company San Miguel Brewery, Inc. (SMB) successfully raised P38.8 billion or US$800 million during this week’s sale of its fixed-rate bonds.
