Quantcast
Latest Stories

PSE to remove FMIC, Metro Pacific Tollways under voluntary de-listing scheme

By

MANILA, Philippines — The Philippine Stock Exchange is set to remove First Metro Investments Corp. and Metro Pacific Tollways Corp. from its roster by Friday, Dec. 21, in line with the voluntary delisting petition filed by the two companies.

But ahead of the delisting, the PSE will implement a trading suspension on FMIC and MPTC on Tuesday, Dec. 18, according to PSE president Hans Sicat in a memorandum.

Both companies have completed the requirements for voluntary delisting, including tender offer to give minority shareholders the chance to exit the company ahead of delisting.

The PSE has said it would suspend by the first trading day of January shares of companies below the 10-percent minimum public ownership, exclusive of any treasury shares. Listed firms have until Dec. 31, 2012 to comply.

The minimum public ownership rule is in line with the Capital Market Development Plan Action, which aims to provide a fair and efficient facility for price discovery and to ensure that sufficient liquidity exists in the stock market.

The Bureau of Internal Revenue, as contained in its recent rule issuance relating to the minimum public ownership rules, will impose capital gains tax and a documentary stamp tax (DST) on every sale, barter, exchange or other disposition after Dec. 31 of shares of listed companies, which are not compliant with the minimum public ownership requirement.

Also, a capital gains tax equivalent to five percent of the net capital gains amounting to not over P100,000 will apply after Dec. 31 while a 10-percent capital gains tax will apply on the excess.  DST of P0.75 on each P200.00 of the par value of the stock will also be applied on the sale.

In contrast, trading of shares listed and traded at the PSE are subject only to stock transaction tax equivalent to 0.50 percent of the transaction value levied on the seller.


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: Bureau of Internal Revenue , Business , capital gains tax , First Metro Investments Corp. , Metro Pacific Tollways Corp. , minimum public ownership , Philippine Stock Exchange , Stock Market , voluntary delisting



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

  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Man found dead in Quezon City, alleged victim of summary execution–report
  • Aquino to lead Air Force turnover rites
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • 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
  • 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

  • China welcomes PH apology
  • 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
  • Marketplace