5 firms face PSE delisting

MANILA, Philippines - Five public companies are in danger of being delisted from the local bourse, the Philippine Stock Exchange (PSE) said.

Philcomsat Holdings Corp., Southeast Asia Cement Holdings Inc. (Seacem), Nextstage Inc., PAL Holdings Inc. and state-run PNOC Exploration Corp. (PNOC-EC) are still non-compliant with the PSE’s the minimum public float requirement.

“If a listed company remains non-compliant with the minimum public ownership requirement after the lapse of the suspension period, or as of June 30, 2013, it shall be delisted effective July 1, 2013,” PSE said in a public notice.

In January, PSE suspended the trading of numerous firms, including San Miguel Brewery Inc. (SMB) and San Miguel Properties Inc. (SMPI), because of their failure to meet the required minimum public ownership level of 10 percent.

Several firms like Cosmos Bottling Corp., Alaska Corp., Metro Pacific Tollways Corp., SMB and SMPI opted to exit the local bourse.

“Based on their respective disclosures, Philcomsat, Seacem, Nextstage and PAL Holdings have signified their intent to comply with the minimum public ownership requirement prior to the lapse of the suspension period,” PSE said.