The Philippine Stock Exchange on Wednesday warned Metro Global Holdings Corp. of delisting as soon as next month for its failure to meet the minimum public float of 10 percent.
“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, MGH shall be automatically delisted from the Official Registry of the Exchange,” the PSE said.
The Sobrepena-led company’s public float has fallen to only 8.67 percent. Its shares were last traded on 27 February 2007 and closed at P1 apiece.
“The trading of company’s shares of stock at the PSE has been voluntarily suspended since March 20, 2007 to allow the company to re-align its business and explore new strategic directions,” the company said.
In February, MGH’s public float fell below the requirement after the Securities and Exchange Commission approved its application for an increase in capital stock.
Fil-Estate now owns 91.26 percent of the company.
The company was incorporated as San Jose Oil Co. Inc. in 1954 and listed on the PSE in 1964 as an oil exploration company but reorganized in 1996 as a corporate vehicle pursuing infrastructure-related investments and renamed Fil-Estate Corp.
On 9 September 2004, regulators approved the extension of its corporate life for another 50 years or until 2054.
On 30 May 2014, the SEC approved the amendment of its articles of incorporation and by-laws, changing its name from Fil-Estate Corporation to the current one.
“The amendments were intended to identify the group of companies under the ‘Metro Group’ and establish the affiliation of the company with its affiliate infrastructure companies,” the company said.
