PSE to remove FMIC, Metro Pacific Tollways under voluntary de-listing scheme

MANILA, Philippines — 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.

But ahead of the delisting, the PSE will implement a trading suspension on FMIC and MPTC on Tuesday, Dec. 18, according to PSE president Hans Sicat in a memorandum.

Both companies have completed the requirements for voluntary delisting, including tender offer to give minority shareholders the chance to exit the company ahead of delisting.

The PSE has said it would suspend by the first trading day of January shares of companies below the 10-percent minimum public ownership, exclusive of any treasury shares. Listed firms have until Dec. 31, 2012 to comply.

The minimum public ownership rule is in line with the Capital Market Development Plan Action, which aims to provide a fair and efficient facility for price discovery and to ensure that sufficient liquidity exists in the stock market.

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, barter, exchange or other disposition after Dec. 31 of shares of listed companies, which are not compliant with the minimum public ownership requirement.

Also, a capital gains tax equivalent to five percent of the net capital gains amounting to not over P100,000 will apply after Dec. 31 while a 10-percent capital gains tax will apply on the excess.  DST of P0.75 on each P200.00 of the par value of the stock will also be applied on the sale.

In contrast, trading of shares listed and traded at the PSE are subject only to stock transaction tax equivalent to 0.50 percent of the transaction value levied on the seller.