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Filinvest Development achieves required minimum float level

Posted on December 18, 2012 10:13:53 PM [ Businessworld Online ]
GOTIANUN-LED Filinvest Development Corp. has raised its public ownership to a level just above the 10% minimum required by the Philippine Stock Exchange (PSE), the company said in a disclosure yesterday. 
The listed holding firm said its public ownership level rose to 10.16% from a previous 3.35% after its unlisted majority shareholder, ALG Holdings Corp., sold P3.18 billion worth of its shares.
“ALG Holdings disclosed today (Dec. 18) that it sold a total of 636 million Filinvest Development shares at a price of P5 per share to various third-party investors via cross-sale transactions,” the disclosure read.
Shares sold were equivalent to 6.66% of the listed firm’s total outstanding stock.
As of end-September, ALG Holdings was Filinvest Development’s single largest shareholder with 8.85 billion shares equivalent to a 94.97% stake, the listed firm’s end-September Top 100 stockholders report showed.
NO EXTENSION
Last Monday, Filinvest Development Corp. disclosed with four other firms -- PNOC Exploration Corp.; San Miguel Brewery, Inc.; San Miguel Properties, Inc.; and Maybank ATR KimEng Financial Corp. -- that the Securities and Exchange Commission had rejected all appeals endorsed to it by the PSE for more time to comply with the minimum public float rule.
All listed firms have until Dec. 31 to raise their public ownership levels to at least 10%.
Those that fail to do so face immediate share trading suspension on Jan. 1 that will last for up to six months.
Float-deficient companies that still fail to comply by the end of June next year will be delisted the following day.
Moreover, float-deficient firms face higher taxes for sale of shares over the counter -- or outside the PSE trading system -- starting Jan. 1, the Bureau of Internal Revenue (BIR) has has said. In Revenue Regulations No. 16-2012, dated Nov. 7, BIR said “sales, barters, exchanges or other dispositions” of such shares will be subject to capital gains tax of 5% or 10% and a documentary stamp tax, in lieu of the stock transaction tax amounting to one-half of 1% of gross selling price.
As of yesterday, 20 firms had yet to comply with this requirement, down from a list of 25 which the bourse released last Dec. 7.
AHEAD OF DEADLINE
This latest tally already excludes Filinvest Development; Globalport 900, Inc.; and LT Group, Inc. which have disclosed their compliance with the rule, as well as Metro Pacific Tollways Corp. and First Metro Investments Corp. which are both delisting on Friday.
Eton Properties Philippines, Inc., which recently completed the tender offer for its minority stockholders’ shares, aims to delist on Jan. 3, 2013, but is still seeking regulatory approval to do so.
Integrated Micro-Electronics, Inc. (IMI) said in a disclosure yesterday that its majority stockholder, AYC Holdings Ltd., will sell by the end of the year a number of its shares to a public investor in order to comply.
As of Dec. 7, Eton had a public float level of 2.54%, while IMI had 8.53%.
Filinvest Development Corp., incorporated in 1973, is into mall and theater operations, banking and financial services, sugar farming and milling, and, recently, power generation.
The company grew its net income by 8.31% to P3.39 billion as of September from P3.13 billion in the same nine months last year on higher revenues across all business units.
In the same comparative periods, revenues -- consisting mostly of income from real estate operations -- rose by 26.02% to P20.49 billion from P16.26 billion, while costs and operating expenses increased by 45.98% to P9.08 billion from P6.22 billion.
Filinvest Development shares lost 11 centavos to P4.68 apiece yesterday from P4.79 last Monday. -- Franz Jonathan G. de la Fuente       
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