Metro Global avoids delisting

MANILA, Philippines — Metro Global Holdings Corp., a company led by Robert John Sobrepeña, has avoided a potential delisting from the Philippine Stock Exchange.

The PSE said Metro Global has complied with the requirements under the amended rule on minimum public ownership rule and as such, its shares will no longer be automatically delisted.

Metro Global’s public ownership now stands at 10.67 percent after previously falling below the 10 percent prescribed minimum percentage.

The PSE earlier warned the listed company of the possibility of being kicked out of the local bourse on Aug. 5 for its non-compliance with the amended rule on minimum public ownership.

To remedy the temporary minimum public ownership breach, Metro Global’s parent company, Fil-Estate Management Inc. (FEMI) and a third party investor, Hong Kong-based Smart Share Investments Ltd., executed a deed of assignment.

Under the transaction, FEMI assigned to Smart Share 55 million Metro Global common shares at par value of P1 per share amounting to P55 million in partial settlement of the advances of Smart Share to FEMI.

Last July 26, the Bureau of Internal Revenue issued the certificate authorizing registration (CAR) for the transfer of 55 million Metro Global common shares to Smart Share.

Upon receipt of the CAR, BDO Unibank-Trust & Investments Unit, Metro Global’s stock and transfer agent, recorded the transfer and issued a stock certificate to Smart Share, evidencing its legal ownership of the Metro Global common shares.

Metro Global said the 55 million common shares represent two percent of the outstanding common shares of the company.