ACEN barely hits 20% public float requirement with Fernando Zobel’s exit

ACEN Corp., the energy subsidiary of the Ayala group, has finally met the minimum 20 percent public ownership for index stocks before next month’s deadline.

ACEN’s public ownership was pegged at 20.03 percent as of September 30 from 18.7 percent as of end June 30.

ACEN’s public float improved after its chairman Fernando Zobel de Ayala resigned from all his posts in the Ayala group on September 12. He was replaced by former Energy Secretary Delfin Lazaro.

Zobel owned 532.505 million shares or 1.34 percent of ACEN.

His brother, Jaime Augusto Zobel de Ayala, also resigned as vice chairman two weeks later. Jaime’s son, Alfonso, was named as his replacement. Jaime retained his 124,099 ACEN shares.

The Philippine Stock Exchange gave the 30 blue chips firms on its main index until December this year to increase their minimum public ownership from 15 percent to 20 percent.

Only Emperador of ultra bilyonaryo Andrew Tan has yet to comply with its public ownership at 15.71 percent as of September 30.

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