THE Philippine Stock Exchange, Inc. (PSE) has given listed firm Steniel Manufacturing Corp. until Nov. 22 to comply with the rule on minimum public ownership or risk being delisted.
“[S]hould the company remain non-compliant with the minimum public ownership requirement after the lapse of the six-month period from May 22, Steniel Manufacturing shall be automatically delisted from the official registry of the exchange,” the PSE said in a memorandum dated Oct. 23.
“Please be advised that, as of date hereof, Steniel remains non-compliant with the amended minimum public ownership rule,” the market operator added.
Trading of Steniel shares was suspended by the PSE after its public float dropped to 13.09%, which is below the exchange’s minimum requirement of 20%.
“Pursuant to the amended minimum public ownership rule, listed companies which become non-compliant with the minimum public ownership shall be suspended from trading for a period of not more than six months and shall be automatically delisted if it remains non-compliant with the minimum public ownership after the lapse of the suspension period,” the market operator added.
However, Steniel said on Oct. 9 that its public float is set to hit 22.32% from 13.09% after the transfer of the company’s shares to three parties, going above the PSE’s minimum requirement. This would also lift the trading suspension on the company’s shares.
According to the company, Steniel (Netherlands) Holdings B.V. transferred 70 million common shares to Monceau Philippine Holdings, Inc., as well as 940,604 common shares to Segovia Capital Holdings Phils., Inc., while Greenkraft Corp. also transferred 60 million common shares to a certain Ismael Cuan.
“With these transfers, the company’s public ownership will increase from 13.09% to 22.32% in compliance with the existing rules and guidelines of the PSE,” Steniel said.
Incorporated in 1963, Steniel and its subsidiaries are engaged in the manufacturing, processing, and selling of various paper products, paperboard, and corrugated carton containers. — Revin Mikhael D. Ochave