MANILA, Philippines - The Philippine Stock Exchange (PSE) has lifted the trading suspension on the shares of Ongpin-led property developer Alphaland Corp.
This as the upscale property firm became the first of seven suspended companies to comply with the minimum public ownership level.
In a memorandum, PSE said the trading suspension was lifted on March 1.
Late last month, Alphaland, led by the group of former Trade Minister Roberto V. Ongpin, said it finalized several transactions increasing its public float to 10.53 percent from 8.03 percent.
“Alphaland wishes to assure the PSE and the investing public that it has exerted all efforts to comply with the minimum public ownership requirement,†the company said.
Specifically, shareholder Alphaland Holdings (Singapore) Pte Ltd. sold 49.608 million common shares at P19 apiece to a qualified buyer on Dec. 31, 2012.
The transaction, which was conducted outside the facilities of the PSE, allowed Alphaland Holdings to raise P942.55 million.
Alphaland Holdings paid the Bureau of Internal Revenue (BIR) the necessary documentary stamp tax amounting to P186,030. It also spent P44.64 million to pay the capital gains tax to the BIR.
In January, the PSE suspended the trading of seven firms, including Alphaland, on their failure to meet the required minimum public float.
Once trading is suspended, any transaction on stock trades will no longer enjoy the preferential tax rate of 0.5 percent. The BIR will instead slap the five- to 10-percent capital gains tax on stock trades.
Other suspended firms like San Miguel Properties Inc. and San Miguel Brewery Inc. opted to delist from the local bourse.