San Miguel, Ayala firms strive to meet PSE rule
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.
“We will do our best to comply. If not, we will delist,” San Miguel Corp. president Ramon Ang said in a text message to the Inquirer, referring to SMC subsidiaries San Miguel Brewery, San Miguel PureFoods Co. and San Miguel Properties.
The three units are among the 27 listed companies that face trading suspension on the first trading day of 2013 if they are unable to increase their public float to at least 10 percent. San Miguel Pure Foods has a public float of 0.08 percent while San Miguel Brewery and San Miguel Properties have 0.61 percent and 0.06 percent, respectively.
Ayala-led Integrated Microelectronics, which has a public float of 9.72 percent, sees no problem hitting the required level before deadline. “We believe we will meet the MPO (minimum public ownership),” said a message relayed by IMI chief finance officer Jerome Tan.
The companies led by the group of former Marcos trade minister Roberto V. Ongpin will also strive to meet the requirement, said Eric Recto, who is part of the group.