On the memo circulated by PSE to the investing public, firms which has less than 10% public ownership are given until December 31, 2012 to comply with the 10% public ownership rule. Failure to comply shall be subject to trading suspension of not more than 6 months.
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Suspended firms can sell their shares but outside the PSE trading system and are subject to different taxes. Aside from this, companies must still pay listing fees while they are suspended. After the lapse of the suspension period, they will automatically be delisted from the local bourse, unless they have by then complied with the requirement.
Taxes applicable on sale of shares during suspension are different. These are:
Capital Gains Tax
· less than 100,000 pesos net capital gains – 5%
· more than 100,000 pesos net capital gains – 10%
Documentary Stamp Tax
· .75 centavos on each 200 pesos of the par value of the stock
Donors Tax
· If the fair market value of the shares of stock sold is greater than the selling price, the difference is deemed a gift and shall be subject to donor’s tax. Determining the fair value of stock shall be based on Revenue Regulations No. 6-2008.
San Miguel Firms
· San Miguel Pure Foods Company, Inc
o mulling delisting from the local bourse
· San Miguel Brewery, Inc.
o Jul 31 - It is contemplating on exiting the local bourse if its major shareholder Kirin Holdings Ltd. will not sell shares to the public.
o Apr 2 - Mercy Marie Amador , CFO of SMB said they plan to comply with the 10% minimum public ownership requirement of the PSE.
· San Miguel Properties, Inc.
· Aug 27-Ramon Ang, SMC president said they will do their best to comply. If not, they will delist
Lucio Tan-owned
· Eton Properties Philippines Inc.
o Is currently suspended due to the company’s failure to submit its annual report for 2011 in violation of the PSE’s revised disclosure rules. The suspension took effect in May. Micheal Tan, president of Eton said that they are considering doing a follow-on offering or delisting from the exchange.
· PAL Holdings Inc.
o may conduct share sales to boost their public float levels.
· Allied Bank
o Merger with PNB seen, with PNB as the surviving entity.
Roberto Ongpin-led
· Atok Big Wedge Co. Inc.
o Management was also authorized by the shareholders to conduct a rights or follow on offering at such terms and conditions as may be deemed beneficial to the Company by the Executive Committee of the Board of Directors in order for the Company to be able to comply with the 10% minimum public ownership requirement.
· Alphaland Corp.
o We will do a follow-on offering maybe in October in order to comply with the SEC regulation of 10 percent public float said Mario Oreta, President
· Eric Recto said that the firms will strive to meet the 10% rule
Ayala-led
· Integrated Micro-Electronics, Inc.
o No problem hitting the 10% rule.
Others
Alaska Milk
· It has secured the approval of its board to delist from PSE.
Cosmos Bottling
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· Is currently suspended. It is still engaged in a legal battle with the Securities and Exchange Commission on the lifting of the revocation of the registration and sale of its securities—which means it is not allowed to sell shares to meet PSE’s10-percent minimum public ownership requirement. The court war has been waging for years and it has already reached the Supreme Court.
First Metro Investment Corporation
· mulling delisting from the local bourse
Mariwasa Siam Holdings, Inc.
Should have no problem securing the 10% minimum rule
Maybank ATR Kimeng
· Is currently studying various alternatives as to how it will meet the PSE’s minimum public ownership requirement of 10%.
Metro Pacific Tollways
· David Nichol, CFO of MPIC said that the company is inclined to delist as there is no immediate need to raise funds.
Pnoc Exploration Corporation
· May conduct share sales to boost their public float levels.
Sta. Lucia Land, Inc
· Should have no problem securing the 10% minimum rule
| NAME OF STOCK | TICKER | FREE FLOAT % |
| 2GO GROUP, INC. | 2GO | 2.03 |
| ALASKA MILK CORPORATION | AMC | 2.28 |
| ALLIED BANKING CORPORATION | ABC | 1.51 |
| ALPHALAND CORPORATION | ALPHA | 8.03 |
| ATOK-BIG WEDGE COMPANY, INC | AB | 4.16 |
| COSMOS BOTTLING CORPORATION | CBC | 1.79 |
| ETON PROPERTIES PHILIPPINES, INC. | ETON | 5.65 |
| F & J PRINCE HOLDINGS CORPORATION "B" | FJPB | 6.26 |
| FILINVEST DEVELOPMENT CORPORATION | FDC | 3.38 |
| FIRST METRO INVESTMENT CORPORATION | FMIC | 1.94 |
| GLOBALPORT 900, INC | PORT | 0.12 |
| INTEGRATED MICRO-ELECTRONICS, INC. | IMI | 9.72 |
| JTH DAVIES HOLDINGS, INC. | JTH | 8.78 |
| LAFARGE REPUBLIC, INC. | LRI | 3.67 |
| MANCHESTER INTERNATIONAL HOLDINGS UNLIMITED CORP. | MIH | 6.79 |
| MARIWASA SIAM HOLDINGS, INC. | MMI | 9.54 |
| MAYBANK ATR KIMENG FINANCIAL CORPORATION | MAKE | 0.89 |
| METRO PACIFIC TOLLWAYS CORPORATION | TOL | 0.15 |
| PAL HOLDINGS, INC. | PAL | 2.3 |
| PNOC EXPLORATION CORPORATION | PEC | 0.21 |
| SAN MIGUEL BREWERY, INC. | SMB | 0.61 |
| SAN MIGUEL PROPERTIES, INC. | SMP | 0.06 |
| SAN MIGUEL PURE FOODS COMPANY, INC | PF | 0.08 |
| SPC POWER CORPORATION | SPC | 4.53 |
| STA. LUCIA LAND, INC | SLI | 9.95 |
| SYNERGY GRID & DEVELOPMENT PHILS., INC. | SGP | 7.44 |
| VIVANT CORPORATION | VVT | 4.18 |
Source:
Bro Randy, good day. What would happen to my FDC stocks if FDC will be delisted? I have a little investment in this company of 15,000 pesos its not that much for some people but for me who only can invest 5,000 every 2 months this is huge. Im already thinking of selling it a lost 6% but i hope you can share some thought about it. Thanks
ReplyDeleteFDC is planning to meet the 10% minimum req. to fund their venture in the power business. If the only reason why you are selling is because it will be delisted, you might as well hold it. You need to always check their disclosures everyday to see some developments.
ReplyDeleteCheck this article for your discernment.
http://mutualfundphilippines.com/2012/05/properties/filinvest-to-invest-p25b-in-power-business/
If fdc will delist, you will still be a shareholder of FDC but as a private investor. However, Your shares cannot be sold in the PSE anymore.
ReplyDeleteI doubt if FDC will be delisted but if in case it decides to delist, by all means SELL it on the day it was announced.