The Philippine Stock Exchange (PSE) has suspended trading in three companies’ shares due to violations of minimum public ownership requirements and listing and disclosure rules.
Trading in shares of techpreneur Leandro Leviste’s SPNEC and former mayor Hilario G. Pagauitan-led Vulcan Industrial & Mining was halted on June 2 after their public ownership level fell below the mandated minimum of 20 percent.
The PSE said that should SPNEC and Vulcan fail to comply with the minimum public ownership requirement even after a six-month period from June 2, 2023, these companies would be automatically delisted from the official registry of the exchange.
This action is in accordance with the amended rule on minimum public ownership, which specifies that non-compliant listed companies will face a trading suspension for a period of up to six months and may be delisted if they remain non-compliant beyond the suspension period.
Meanwhile, trading of Top Frontier’s shares was halted for one hour from 9:30 a.m. to 10:30 a.m on June 2 by the PSE.
The local bourse ook this action following the identification of a transaction disclosed by Top Frontier that fell under the rule on additional listing of securities outlined in Article V of the consolidated listing and disclosure rules.
The transaction in question pertains to Top Frontier’s announcement of its board’s approval for Far East Holdings to subscribe to 45 million common shares of the company. The shares were priced at P241.42 per share and are expected to be fully paid in cash on or before June 30, 2023.