Latest Stories

Alphaland seeks lifting of trading suspension


MANILA, Philippines—Upscale property developer Alphaland Corp. has beefed up its public ownership to meet the 10-percent minimum requirement of the Philippine Stock Exchange for continued listing.

Alphaland—the property arm of former Trade Minister Roberto Ongpin and British fund Ashmore —has asked the PSE to allow the resumption of trading of the firm’s shares.

“We have complied and we have written the PSE to lift the suspension,” company president Mario Oreta said in a phone interview.

Alphaland was among the seven companies suspended by the PSE last week for failing to meet the minimum public ownership requirement as of Dec. 31, 2012, the deadline set by the bourse. Alphaland then had a public float of only 8.03 percent.

Shortly after the holidays, Alphaland’s key shareholders placed out additional shares to comply with the requirement. Singapore-based holding firm Alphaland Holdings sold the stake, Oreta said.

The others covered by the PSE suspension are Southeast Asia Cement Holdings Inc., PAL Holdings Inc., Allied Banking Corp., San Miguel Brewery Inc., PNOC Exploration Corp. and San Miguel Properties Inc.

The Bureau of Internal Revenue earlier issued a revenue regulation lifting the preferential tax rates on trades of companies under suspension, even if they remained listed. In contrast to the 5-10 percent capital gains tax imposed on stock trades of companies outside the exchange, trades coursed through the PSE are subject to stock transaction tax of only 0.50 percent of the transaction value.

Meanwhile, a group advocating the rights of minority investors has urged the Securities and Exchange Commission and the Bureau of Internal Revenue to recall the orders that led to the trading suspension.

Shareholders’ Association of the Philippines (SharePHIL), in a Dec. 28 letter, asked the SEC to reconsider its “blanket denial” of applications for the extension of the grace period by noncompliant companies.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: alphaland corp. , Philippines , property , PSE listing , public ownership , stock trading

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Ex-COA chief nabbed for plunder
  • John Paul relics abound: Bloodied shirt, unwashed fork…
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Marketplace