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).
With two weeks to go before the ultimate deadline, 19 listed companies are still below the 10-percent minimum public ownership required for continued listing on the Philippine Stock Exchange.
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.
