The Philippine Stock Exchange has ordered a halt in trading of one of the hottest stocks this year.
The PSE has suspended trading of Vulcan and Industrial Mining (VUL) starting Friday, June 2, after its public float fell below the mandatory 20 percent.
Under PSE rules, listed companies which fail to meet the minimum public ownership “shall be suspended from trading for a period of not more than six months.”
The PSE also warned VUL’s majority owner, former Mayor Hilario G. Pagauitan, that the stock would be automatically delisted should it fail to increase public ownership above 20 percent after six months or by 31 November 2023.
Following the Securities and Exchange Commission’s approval of VUL’s capital hike from P4 billion to P12 billion, Pagauitan’s stake has increased to 85.5 percent.
Pagauitan took over control of VUL from the Ramos family’s National Bookstore in a backdoor listing in 2021. All backdoor listing stocks are required to have a minimum public ownership of 20 percent or double the requirement for all stocks (excluding PSE Index stocks and initial public offerings).
VUL is the tenth biggest gainer in the PSE after jumping 51 percent to P1.24 as of June 1 from 80 centavos in end-2022.
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