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Alphaland meets float requirement

Posted on February 21, 2013 10:37:59 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Alphaland Corp. has achieved the 10% minimum public ownership level required by the Philippine Stock Exchange (PSE) after an offshore shareholder sold shares, becoming the first suspended firm to comply with the public float rule, Alphaland said in a disclosure yesterday.
“Alphaland Corp. wishes to inform the Philippine Stock Exchange that it has complied with the 10% minimum public ownership requirement,” the firm said.
“On Dec. 31, 2012, Alphaland Holdings (Singapore) Pte. Ltd., a shareholder of the corporation, sold 49,608,000 common shares of stock of the corporation at a price of P19.00 per share to a qualified buyer. The transaction was done outside the trading facilities of the exchange. Late in Jan. 2, 2013, Alphaland was informed of the transaction.”
Alphaland Holdings (Singapore) held a 13.06% stake or 259.17 million shares in Alphaland as of end-2012, according to the latter’s Top 100 Stockholders list.
Alphaland also paid last month a P186,030 documentary stamp tax and a P44.64-million capital gains tax for the share sale as part of sanctions imposed on listed firms that failed to meet the minimum public ownership level by the end of last year.
Trading of shares of such firms within the PSE system was also suspended.
These firms have until the end of June to meet the requirement, or face immediate forced delisting.
Alphaland’s public float after the share sale was not immediately known as company officials were not available for comment yesterday. Its profile on the PSE Web site showed it ended 2012 with an 8.3% public ownership level.
Eight other listed firms have fallen short of the minimum public ownership level:
• Cosmos Bottling Corp. (1.79%);
• Nextstage, Inc. (1.20%);
• PAL Holdings, Inc. (2.30%);
• Philcomsat Holdings Corp. (9.60%);
• PNOC Exploration Corp. (0.21%);
• San Miguel Brewery, Inc. (0.61%);
• San Miguel Properties, Inc. (0.06%); and
• Southeast Asia Cement Holdings, Inc. (2.41%).
San Miguel Brewery and San Miguel Properties have already opted to exit the stock exchange, with the former yesterday formally asking the bourse to be delisted on May 15.
Alphaland shares were last traded on Dec. 28, 2012 at P19.50 apiece. -- FJGDLF
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