Quantcast
Latest Stories

Globalport sells P4B in shares

23 firms still below required public float

By ,

Romero-led Globalport 900 Inc. has sold over P4 billion worth of unlisted shares to comply with the Philippine Stock Exchange’s (PSE) 10 percent minimum public float requirement.

In a disclosure, Globalport, which manages two major cargo and passenger sea terminals in Manila’s Tondo district through subsidiaries, said its major shareholder Sultan 900 Inc. sold 230.79 million shares to unidentified investors on Monday.

These were taken out of Sultan’s 2.097 billion shares in Globalport. The parent firm was left with 1.923 billion common shares following the transaction.

“In view of the sale, PORT’s public ownership is expected to increase from 2,590,3002 common shares to 233,380,300 common shares representing 10.82 percent of (Globalport’s) total outstanding shares,” the Romero firm told the local bourse.

This brought to 23 the number of companies that remained noncompliant with the PSE public float requirement.

Three in the list have filed petitions for voluntary delisting while another three are already under trading suspension, the bourse announced in a memorandum posted on Monday. Some of the remaining companies have asked for a grace period to comply with the requirement.

The remaining 17 companies that may face trading suspension next year due to non-compliance to the public float requirement are: Integrated Micro-Electronics Inc., Alphaland Corp., Synergy Grid & Development Phils. Inc., Manchester International Holdings Unlimited Corp., LT Group Inc., SPC Power Corp., Vivant Corp., Atok-Big Wedge Co. Inc., Mariwasa Siam Holdings Inc., Filinvestment Development Corp., Southeast Asia Cement Holdings Inc., PAL Holdings Inc., Allied Banking Corp., Maybank ATR-Kim Eng Financial Corp., San Miguel Brewery Inc., PNOC Exploration Corp., and San Miguel Properties Inc.

The three companies that have started voluntary delisting procedures are Eton Properties Philippines Inc., First Metro Investment Corp. and Metro Pacific Tollways Corp.

The three noncompliant companies which are already under trading suspension are Cosmos Bottling Corp., NextStage Inc. and Philcomsat Holdings Corp.

In the meantime, those that have requested the PSE for additional time to comply with the minimum public float were the LT Group, San Miguel Brewery and San Miguel Properties.

Public companies that will fail to meet the 10 percent minimum public float requirement will have their shares delisted starting January next year. This means the sale of shares may only be done via over-the-counter transactions, making them harder to dispose of.

Originally posted: 7:42 pm | Monday, December 10th, 2012


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: Markets and Exchanges , minimum public float , Philippine Stock Exchange , Philippines , Stock Market



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
Advertisement
Advertisement

News

  • Napoles tags over 100 officials in pork scam – Lacson
  • Vitangcol to sue Czech envoy
  • Senator’s kickback from pork bigger than those of Enrile, Estrada, Revilla – Lacson
  • 43 out of 414 Etihad passengers yet to be found, tested for MERS-CoV – Palace
  • Sandigan junks Marcos family claim to Paoay property
  • Sports

  • Caguioa blasts ‘no heart, soft’ Ginebra on Twitter
  • San Mig Coffee grinds out win over Alaska to force decider
  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Bollywood Oscars, film stars come to Florida
  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Business

  • SM to rebuild Tacloban hospital
  • PSEi slips after 4-day rally
  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • 19 Ukrainians, Russians, Filipinas rescued in bar raid
  • Filipinos coming home from Mideast must obtain MERS clearance – DOH
  • US Secret Service in Manila ahead of Obama visit
  • Palace thanks Estrada for successful HK mission
  • Hong Kong accepts PH apology; sanctions also lifted
  • Marketplace