THE PHILIPPINE Stock Exchange (PSE) has warned that Metro Global Holdings Corp. (MGH) could be delisted from the local bourse due to noncompliance with the market operator’s minimum public ownership (MPO) rule.
MGH remains noncompliant with the local bourse’s amended MPO rule, the PSE said in a circular dated July 16.
“Given the foregoing, and as previously announced in the above-cited disclosure notice, should the company remain non-compliant with the MPO requirement after the lapse of the six-month period reckoned from Feb. 5, 2024, MGH shall be automatically delisted from the official registry of the exchange,” the PSE said in a circular.
According to the PSE, it flagged MGH for its noncompliance with the amended MPO rule in a disclosure notice dated Feb. 20 when the company’s public float fell below the 10% requirement.
MGH’s public float dropped below the minimum requirement after the Securities and Exchange Commission approved the increase in its authorized capital stock to P5 billion, consisting of five billion shares at a par value of P1 apiece, of which 750 million shares were issued to its parent company, Fil-Estate Management, Inc.
The capital increase is part of MGH’s efforts to pursue renewable energy projects.
Led by its chairman Robert John L. Sobrepeña, MGH is a holding company that has business interests in property and infrastructure development.
BusinessWorld sought comments from MGH on the PSE’s circular but had not received a response as of the deadline.
ASEAN-ISE INITIATIVEIn a separate e-mailed statement, the PSE said it joined the ASEAN-Interconnected Sustainability Ecosystem (ASEAN-ISE) initiative in a bid to improve transparency, comparability, and exemplary environmental, social, and governance (ESG) practices across the region.
The move was made during the 37th ASEAN Exchanges CEOs Meeting hosted by Bursa Malaysia Berhad on July 12 in Malaysia.
The ASEAN-ISE aims to advance sustainable development through the implementation of common ESG metrics within the respective data infrastructures of the exchanges.
“Sustainability is a collective endeavor and we believe ASEAN-ISE provides us an opportunity to contribute to the development and implementation of ESG initiatives in the region,” PSE President and Chief Executive Officer (CEO) Ramon S. Monzon said.
“We are excited to collaborate with our peer exchanges in creating programs that will elevate the level of sustainability in ASEAN markets,” he added.
The CEOs and presidents of the ASEAN Exchanges also agreed to pursue four proof of concepts over the next three years. These include establishing an ASEAN data infrastructure with the potential to create a unified commercial policy and operating model, as well as capacity building for listed issuers.
The ASEAN Exchanges will also pursue transition financing for corporates’ suppliers that will incentivize quality reporting across supply chains, working with banks to offer financing programs with preferential rates, and the ASEAN ESG Awards to reward listed issuers with exemplary ESG performance.
They also agreed to jointly pursue the collaboration to offer depository receipts on their respective exchanges, expanding access for domestic investors to investment opportunities in neighboring countries.
“The agreed-upon proof of concepts focuses our collective energy and resources on exploring and deploying workable models in targeted strategic areas,” Bursa Malaysia CEO Datuk Muhamad Umar Swift said. — Revin Mikhael D. Ochave
