Maybank ATR meets bourse’s public float rule
Financial services group Maybank ATR Kim Eng Financial Corp. (MATRKE) has increased its public ownership to 10.25 percent from 0.89 percent to comply with the 10-percent minimum public float requirement of the Philippine Stock Exchange.
MATRKE disclosed on Thursday that key shareholders had placed out 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 the minority shareholders in a tender offer in November 2011.
Maybank Kim Eng sold 50 million of its common shares in the local company to Hong Kong firm Wah Hong Investment Ltd. 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 PSE requires a public float of at least 10 percent for companies to remain listed to ensure sufficient liquidity in the stock market.