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.
MIH, in a disclosure to the Philippine Stock Exchange on Friday, said a substantial stockholder had sold shares in the company. This allowed MIH to comply with the 10-percent minimum public float required to remain listed on the PSE. Prior to this transaction, MIH had a public float of only 6.79 percent.
By the first trading day of 2013, the PSE will impose a trading suspension on the shares of noncompliant 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 of shares of listed companies which are not compliant with the requirement after Dec. 31 .
MIH complied with the requirement ahead of the Melco group’s tender offer to minority shareholders in early 2013. Melco, through its local holding firms, will make a tender offer at about P3.15 per share for MIH’s class A and P3.55 for class B shares.
The tender offer will run from Jan. 11 to Feb. 11 next year. Doris C. Dumlao