Metro Global faces delisting next month

MANILA, Philippines — Metro Global Holdings Corp., a company led by Robert John Sobrepeña, is in danger from being delisted from the Philippine Stock Exchange (PSE) next month.

The PSE, in a memorandum, warned Metro Global of the possibility of being kicked out of the local bourse for its non-compliance with the amended rule on minimum public ownership.

Under the amended rule, the PSE said listed companies that become non-compliant with the minimum public ownership requirement “shall be suspended from trading for a period of not more than six months and shall be automatically delisted if it remains non-compliant with the minimum public ownership after the lapse of the suspension period.”

The PSE said Metro Global remains non-compliant with the amended minimum public ownership rule to date.

“Given the foregoing, and as previously announced, should the company remain non-compliant with the minimum public ownership requirement after the lapse of the six-month period reckoned from February 5, 2024, Metro Global shall be automatically delisted from the official registry of the exchange,” it said.

A notice was issued earlier this year by the PSE with reference to Metro Global’s public ownership report dated Feb. 19, 2024 which stated that following the company’s receipt of the approval by the Securities and Exchange Commission of its application for increase in authorized capital stock, 750 million Metro Global shares were deemed issued to Fil-Estate Management Inc.

The PSE said that in view of the said issuance, the company’s public ownership level fell below the 10 percent prescribed minimum level.

Trading of Metro Global shares has been suspended for 17 years.

The company was originally incorporated as San Jose Oil Inc. in September 1954 to look for and market oil, natural gas and other minerals.

It changed its primary purpose in July 1996 from oil exploration to a holding company engaged in property and infrastructure development and after two years, changed its name to Fil-Estate Corp.

Its key investments include equity interest in Metro Rail Transit Holdings Inc. and Metro Rail Transit Holdings II Inc.

The company earlier expressed plans to invest in renewable energy projects, with its board clearing the expansion of its primary purpose to include investment in projects such as solar, wind and other renewable energy generation facilities.