PSE restores requirement for listed firms
Posted on January 30, 2010
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The Philippine Stock Exchange (PSE) board of directors has approved the reinstatement of the rule requiring listed and listing applicant firms to meet a minimum 10 percent public float to maintain their listing status with the Exchange.
The Minimum Public Ownership (MPO) rule has passed through various debates across the terms of various boards of directors of the PSE until 2005 when the rule was revoked as a continuing listing requirement and instead imposed as a requirement only for initial listing and backdoor listing applications.
The MPO rule is in line with the Capital Market Development Plan Action which aims to provide a fair and efficient facility for price discovery and to ensure that sufficient liquidity exists.
The proposed new rule will be disseminated to the public through the PSE website (www.pse.com.ph) for public comments before it is transmitted to the Securities and Exchange Commission for approval. (mb.com.ph)
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