PNOC-EC to be delisted on Monday — PSE

PNOC-Exploration Corp. (PNOC-EC), the upstream oil and coal arm of state-run Philippine National Oil Co., will be delisted from the Philippine Stock Exchange (PSE) on Monday, July 1, for not complying with the 10 percent minimum public float rule. 

 

In a memorandum Friday, the PSE said, "Please be advised that to date, PNOC-EC remains non-compliant with the minimum public ownership requirement of the exchange. 

 

"In accordance with Section 3(1) of the Amended Rule of Minimum Public Ownership, the shares of PNOC EC shall be delisted from the official registry of the exchange (electronic board ticker) effectively July 1, 2013," it added. 

 

Roel Refran, PSE chief operating officer, said PNOC EC will be prohibited to file from listing anew in the the stock market for at least 5 years. 

 

"PNOC EC is the sole firm to be delisted. It will have a 5-year relisting (sic) prohibition," he said in an ambush interview with reporters.

 

Refran, however, said those who have voluntarily delisted can apply for a public offering again. "But they have to undergo the IPO (initial public offering) process again and will be subject for review," he added. 

 

PAL Holdings Inc. and Philcomsat Holdings Corp. will remain listed, their respective shares of stocks to be traded again as soon as they comply with the minimum public float.

 

"PAL Holdings and Philcomsat are still suspended, but won't be delisted. Their trading resumption would depend on when they can comply," Refran said. "What we did was we recognized that there are moves to comply, so they won't be delisted," he added. 

 

To meet the public float rule, PAL sold 2.145 billion shares to private investors while Philcomsat revealed that a "principal shareholder sold and transferred shares." 

 

PAL and Philcomsat are still waiting for regulatory approval of their respective share sale from the Securities and Exchange Corporation and Bureau of Internal Revenue.  

 

In November 2011, the PSE reimposed the minimum public ownership level of 10 percent for listed companies to help improve liquidity and increase public participation in capital markets.

 

Shares of non-compliant firms were suspended from trading for six months—from January 2 until June 30—and would be automatically delisted from the exchange on July 1 if the deficiency remains. — VS, GMA News