Posted on February 28, 2013 10:22:56 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Alphaland Corp. has formally asked the Philippine Stock Exchange (PSE) to lift its current trading suspension after the firm raised its public ownership level to meet the bourse’s requirement.
“Alphaland wishes to inform the PSE that it has complied with the 10% MPO (minimum public ownership) requirement. Enclosed with this letter is a Secretary’s Certificate executed by the undersigned certifying to the foregoing facts,” Alphaland said in a disclosure yesterday, saying it now has a 10.53% float from 8.3% as of end-2012.
“In this regard, Alphaland respectfully reiterates its request for the exchange to lift the trading suspension imposed on the company’s shares for its previous noncompliance with the MPO requirement.”
Hans B. Sicat, PSE president and chief executive officer, said in an interview last Wednesday that Alphaland needed to present a Secretary’s Certificate before its trading suspension could be lifted.
PSE officials were not immediately available for comment yesterday.
On Thursday last week, Alphaland announced it had complied with PSE’s MPO rule when offshore unit Alphaland Holdings (Singapore) Pte. Ltd. sold on Dec. 31 last year 49.61 million common shares at P19 apiece to an undisclosed buyer.
Alphaland also paid last month P186,030 in documentary stamp tax and a P44.64-million capital gains tax for the share sale as part of sanctions for failing to comply with the MPO rule by the end of last year. Like other noncompliant firms, trading on its shares was also suspended.
Alphaland, formerly known as Macondary Plastics, Inc. is a joint-venture between London-based private equity fund Ashmore Group and Ongpin-led RVO Capital Ventures Group.
Its shares were last traded on Dec. 28 last year at P19.50 apiece. -- F. J. G. de la Fuente