MANILA, Philippines - Twenty-five listed companies still have not complied with the Philippine Stock Exchange's minimum public ownership requirement, barely a month to go before the year-end deadline.
The PSE released the list of companies with public float levels below the 10% minimum requirement. It includes Philippine Airlines, San Miguel Brewery, San Miguel Properties, Filinvest Development Corp. and LT Group Inc.
Listed companies that fail to meet the public float requirement are only given until December 31, 2012 to comply.
Starting January 1, 2013, th PSE will immediately impose a trading suspension on the shares of non-compliant listed companies for a period of not more than 6 months, or until June 30, 2013.
If the company still remains non-compliant after June 30, 2013, the PSE will delist its shares effective July 1, 2013.
As of December 7, the PSE list of non-compliant companies includes:
1 Integrated Micro-Electronics Inc. (8.53%)
2 Alphaland Corp. (8.03)
3 Synergy Grid & Development Phils. (7.44)
4 Manchester International Holdings Unlimited Corp.(6.79)
5 LT Group Inc. (4.75)
6 SPC Power Corp. (4.53)
7 Vivant Corp. (4.18)
8 Atok-Big Wedge Company Inc. (4.16)
9 Mariwasa Siam Holdings Inc. (3.89)
10 Filinvest Development Corp. (3.35)
11 Southeast Asia Cement Holdings Inc. (2.40)
12 PAL Holdings Inc. (2.30)
13 2GO Group Inc. (1.85)
14 Allied Banking Corp. (1.51)
15 Maybank ATR Kimeng Financial Corp. (0.89)
16 San Miguel Brewery Inc. (0.61)
17 PNOC Exploration Corp. (0.21)
18 GlobalPort 900 Inc. (0.12)
19 San Miguel Properties Inc. (0.06)
20 Eton Properties Philippines (2.54)
21 First Metro Investment Corp. (1.94)
22 Metro Pacific Tollways Corp. (0.15)
23 Cosmos Bottling Corp. (1.79)
24 Nextstage Inc. (1.20)
25 Philcomsat Holdings Corp. (9.61)
Out of the 25, three companies, namely Eton Properties, FMIC and MPTC, have pending petitions for voluntary delisting.
On the other hand, Cosmos Bottling, NextStage and Philcomsat are currently under trading suspension.
The Bureau of Internal Revenue (BIR) earlier said it is getting ready to slap higher taxes on non-compliant companies.