PSE suspends trading on shares of 7 firms
MANILA, Philippines - On the first trading day of 2013, the Philippine Stock Exchange (PSE) suspended trading on shares of 7 companies, which have failed to meet the minimum public ownership requirement.
The seven companies with public float levels below 10% are: Alphaland Corp., Southeast Asia Cement Holdings Inc., PAL Holdings Inc., Allied Banking Corp., San Miguel Brewery, PNOC Exploration Corp. and San Miguel Properties Inc.
The trading suspension on the shares of non-compliant listed companies will be for a period of not more than 6 months, or until June 30, 2013.
If a listed company remains non-compliant after June 30, the shares will be delisted effective July 1, 2013.
However, the PSE will lift the trading suspension once the listed company presents proof of compliance with the minimum public ownership requirement.