PSE clears NextStage for trading Tuesday

AFP File PHOTO / JAY DIRECTO

MANILA, Philippines — The Philippine Stock Exchange has issued clearance for NextStage Inc. to resume trading on Tuesday (July 9) after the information technology firm complied with the 10-percent minimum public ownership requirement to remain listed on the local bourse.

NextStage has now widened its public ownership to 10.15 percent from 7.6 percent, the company disclosed on Friday. The Bureau of Internal Revenue has likewise issued a certificate authorizing registration (CAR) certifying that the internal revenue taxes imposed on the transfer of shares of stock have been paid.

By complying with the public float requirement, the company has avoided being stricken off the PSE’s roster of listed companies. In a memorandum dated July 5, PSE president Hans Sicat noted that trading on NextStage, using the ticker NXT, would thus resume Tuesday.

“Accordingly, considering that the trading of the company’s shares has been suspended since May 16, 2008, the static threshold (trading band) on the price of NXT shares will be lifted on the resumption of trading of the company’s shares on July 9, 2013,” Sicat said.

Stock prices in the local bourse are currently allowed to rise by up to 50 percent and fall up to 50 percent in a single day.