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10 firms face trade suspension

By Jenniffer B. Austria | Posted on Jan. 01, 2013 at 12:02am

[ manilastandardtoday.com ]
Ten publicly-listed companies, including San Miguel Brewery Inc. and PAL Holdings Inc., face trading suspension starting Jan. 2, after failing to comply with the 10-percent minimum public float rule of the Philippine Stock Exchange.
Other companies whose stocks will be suspended from trading are Allied Banking Corp., Alphaland Corp., Cosmos Bottling Corp., Nextstage Inc., Southeast Asia Cement Holdings Inc., PNOC-Exploration Corp., Philcomsat Holdings Corp. and San Miguel Properties Inc.
The companies will be  given the six-month trading suspension as a penalty for their failure to sell more shares to the public.
The PSE said in a memorandum the trading suspension will take effect on Jan. 2, the stock market’s first trading day in 2013.
It said the trading suspension on the shares of non-compliant listed companies would cover not more than six months, or until June 30, 2013.
The Bureau of Internal Revenue will also impose capital gains tax and a documentary stamp tax on every sale, barter, exchange or other disposition of shares of listed companies that are not compliant with the public ownership rule.
The PSE said if a listed company remained non-compliant after June 30, its shares would be delisted effective July 1, 2013.
It will lift the trading suspension imposed on the company’s shares if the erring firm present sproof of compliance with the public ownership requirement.
The PSE requires publicly-listed firms to have a minimum of 10 percent of their issued and outstanding shares, exclusive of any treasury shares, held by the public.
The rule aims to provide a fair and efficient facility for price discovery and ensure that sufficient liquidity exists in the stock market.
Several companies applied for delisting from the stock market because of their minimal public float level.
The PSE earlier approved the delisting of Eton Properties Philippines Inc., whose public float stood at only 5.65 percent.
The PSE also approved the delisting of First Metro Investments Corp., the investment banking unit of Metropolitan Bank and Trust Co.; and Metro Pacific Tollways Corp., the tollways unit of Metro Pacific Investments Corp.
Other companies that opted to delist from the local bourse due to the public ownership rule were Alaska Milk Corp., PLDT Communications and Energy Ventures Inc., Keppel Philippines Marine Inc. and Chinatrust (Philippines) Commercial Bank Corp.
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