Quantcast
Latest Stories

Maybank ATRKimEng complies with 10% minimum public float rule

By

MANILA, Philippines–Financial services group Maybank ATR KimEng Financial Corp. (MATRKE) has boosted its public ownership to 10.25 percent from 0.89 percent, thus complying with the minimum public float required to remain listed on the Philippine Stock Exchange.
MATRKE disclosed on Thursday that key shareholders have placed out a total of 100 million shares at P4.38 per share to foreign firms.  The equity deal was priced at the same level at which the controlling shareholder Maybank Kim Eng Holdings Ltd. paid minority shareholders under a tender offering in November 2011.
Maybank Kim Eng sold 50 million of its common shares in the local company to Wah Hong Investment Ltd., a Hong Kong company. Another 50 million of issued and outstanding common shares in MATRKE were sold to Lotus Asset Management (BVI) Ltd., a British Virgin Island registered firm.
The Maybank Group is Malaysia’s regional financial services leader with an international network of over 2,200 offices in 18 countries while the Maybank Kim Eng group comprises securities and investment banking businesses.
The PSE requires a minimum public ownership of 10 percent for companies to remain in its roster, aiming to provide a fair and efficient facility for price discovery and to ensure that sufficient liquidity exists in the stock market.
By the first trading day of 2013, the PSE will impose a trading suspension on the shares of non-compliant listed companies for a period of not more than six months or until June 30, 2013. If a listed company remains non-compliant after June 30 next year, it will be delisted from the local bourse.
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 December 31 of shares of listed companies which are not compliant with the requirement.
By 2013, a capital gains tax equivalent to five percent of the net capital gains amounting to not over P100,000 will apply while a 10 percent capital gains tax will apply on the excess. Also, DST of P0.75 on each P200 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.
Maybank ATR Kim Eng’s compliance with the requirement brings down to 11 the companies facing suspension by the first trading day of 2013.  These are Alphaland Corp., Manchester International Holdings Unlimited Corp., Southeast Asia Cement Holdings Inc., PAL Holdings, Inc., Allied Banking Corp., San Miguel Brewery, Inc., PNOC Exploration Corp. and San Miguel Properties Inc.
On the other hand, three on-compliant companies are already suspended from stock market trading: Philcomsat Holdings Corp., Cosmos Bottling Corp. and Nextstage Inc.


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: Business , Maybank ATR KimEng Financial Corp. , Philippine Stock Exchange , public float



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

  • Camilla’s brother dies in US after head injury
  • Luisita farmers storm DAR compound
  • Trillanes, Ejercito confident they are not in Napoles’ list
  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘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
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace