Posted on October 23, 2012 11:53:36 PM
[ BusinessWorld Online ]
BY FRANZ G. DE LA FUENTE, Reporter
ETON PROPERTIES Philippines, Inc., the
property firm of tycoon Lucio C. Tan, will delist as it does not expect to
comply with the Philippine Stock Exchange’s (PSE) 10% minimum public float rule
by the end of the year.
“Please be informed that at the
regular meeting of the board of directors of the company held today, Oct. 22,
the board approved to voluntarily delist from the exchange in light of it’s
[sic] inability to comply with the minimum public ownership requirement within
the allowed grace period,” the firm said in a disclosure.
“The board believes that this is the
best option at this time.”
Trading of Eton Properties shares was
suspended from 9:00-10:00 a.m. yesterday in order to give investors sufficient
time to digest the information.
Eton Properties, with a current public
float of 5.65%, is one of 27 listed firms that has been ordered by the PSE
raise their public ownership levels to a minimum of 10% by Jan. 1, 2013, or
else face penalties leading to eventual delisting.
While a number of firms have moved to
comply, others said they considering the delisting option. These include units
of diversified conglomerate San Miguel Corp., namely San Miguel Properties,
Inc., San Miguel Pure Foods Co., Inc, and San Miguel Brewery, Inc., as well as
flag carrier PAL Holdings, Inc., which is 49%-owned by San Miguel.
Metro Pacific Tollways Corp. and First
Metro Investments Corp. have also recently approved bids to delist, joining
PLDT Communication and Energy Ventures, Inc. and Chinatrust Commercial Bank
(Philippines), Inc. that already left earlier this year.
Eton Properties was incorporated in
1971 to engage in oil exploration and mineral development projects under the
name Balabac Oil Exploration & Drilling Co., Inc. It eventually changed its
primary purpose to a holding company.
Shares of Eton Properties sank by
9.94% or 36 centavos to P3.26 yesterday.
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