MIH boosts public float
Manchester International Holdings Unlimited Corp. (MIH), the local backdoor listing vehicle of the Melco casino group of Macau, has boosted its public ownership to 11.84 percent, eliminating risks of trading suspension.
Manchester International Holdings Unlimited Corp. (MIH), the local backdoor listing vehicle of the Melco casino group of Macau, has boosted its public ownership to 11.84 percent, eliminating risks of trading suspension.
Sometime in 2010, the Philippine Stock Exchange (PSE) issued a new Rule on minimum public ownership (MPO), effective Nov. 30, 2010 (2010 Rule), requiring that publicly listed companies maintain a minimum public ownership of at least 10 percent of their issued and outstanding shares, exclusive of any treasury shares, or as such percentage that may be prescribed by the Exchange (Section 3(a), Article XVIII, Continuing Listing Requirement).
The combined net profit of companies listed on the local stock exchange rose by 26.4 percent to P271.02 billion in the first semester from a year ago as corporate Philippines benefited from the country’s buoyant economic growth during the period.
Some of the 27 listed companies facing trading suspension—especially those that are part of closely watched conglomerates like San Miguel and Ayala—are striving to meet the minimum public float of 10 percent required for continued listing on the Philippine Stock Exchange.
At least 27 listed companies face trading suspension by the first trading day of 2013 if they would not be able to raise their public float to at least 10 percent as required by the Philippine Stock Exchange.
