(The Philippine Star)
MANILA, Philippines - A listed company that fails to meet a minimum 10-percent public float will be given a grace period of 18 months to do so, proposed amendments to the Philippine Stock Exchange’s rule on minimum public ownership showed.
Last month, the PSE board approved the reinstatement of the minimum public ownership rule as ordered by the Securities and Exchange Commission. By reviving the rule, the local bourse said it hopes to provide a fair and efficient facility for price discovery as well as ensuring liquidity of the market.
The rule was revoked in 2005 as a continuing listing requirement and instead imposed as a requirement only for initial listing and backdoor listing applications.
Under the proposed changes, the PSE shall charge additional annual listing fees for failure of a company to comply with the rule within the 18-month grace period.
Based on data as of November 2009, only 207, or 83 percent of listed companies are compliant with the minimum 10-percent public float. Read more...
MANILA, Philippines - A listed company that fails to meet a minimum 10-percent public float will be given a grace period of 18 months to do so, proposed amendments to the Philippine Stock Exchange’s rule on minimum public ownership showed.
Last month, the PSE board approved the reinstatement of the minimum public ownership rule as ordered by the Securities and Exchange Commission. By reviving the rule, the local bourse said it hopes to provide a fair and efficient facility for price discovery as well as ensuring liquidity of the market.
The rule was revoked in 2005 as a continuing listing requirement and instead imposed as a requirement only for initial listing and backdoor listing applications.
Under the proposed changes, the PSE shall charge additional annual listing fees for failure of a company to comply with the rule within the 18-month grace period.
Based on data as of November 2009, only 207, or 83 percent of listed companies are compliant with the minimum 10-percent public float. Read more...
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