MANILA, Philippines - Maybank ATR KimEng Financial Corp. has complied with the stock exchange's minimum 10% public ownership rule on the second to the last trading day of the year.
In a disclosure on Thursday, Maybank said it has increased its public float to 10.25% after its principal shareholder sold 100 million common shares at P4.38 apiece to two firms.
Fifty million common shares were sold to Hong Kong firm Wah Hong Investment Ltd., while the remaining 50 million common shares went to Lotus Asset Management (BVI) Ltd., a British Virgin Island-registered company, the bank said.
Philippine Stock Exchange-listed companies have until the end of the year to comply with the minimum public ownership rule.
Shares of those found non-compliant by January 1 next year will be suspended from trading, and the firms will be eventually delisted if they still fail to meet the requirement in six months time.
As of Dec. 26, Maybank was still among the 12 listed firms non-compliant with the rule.