MANILA, Philippines - Investment banking firm First Metro Investment Corp. (FMIC) and Manuel V. Pangilinan's Metro Pacific Tollways Corp. (MPTC) were officially delisted from the local stock exchange on Friday.
This came after the two firms' petitions for voluntary delisting were granted by the board of directors of the Philippine Stock Exchange on December 12, according to Memorandum No. 2012-0064.
Both firms in October informed the local stock market through separate disclosures of their plan to delist from the exchange ahead of the deadline for compliance of the 10% minimum public float rule.
The PSE, on Jan. 1, 2013, will suspend the trading of shares of firms found non-compliant of the public ownership rule. These companies, if still found non-compliant after six months, will be automatically delisted from the exchange.
FMIC is the investment banking arm of George Ty's Metropolitan Bank and Trust Co., while MPTC is the tollway arm of Pangilinan's Metro Pacific Investments Corp.