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)
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.
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).
