THE Philippine Stock Exchange (PSE) announced on Monday that it will lift the nearly 18-year trading suspension on Steniel Manufacturing Corp. shares on April 30.
“Pursuant to the company’s submission of the structured reportorial requirements and compliance with the requirements of the exchange’s rules, please be advised that the exchange has resolved to lift the trading suspension effective April 30,” the PSE said in a notice on its website.
“Considering that the trading of the company’s shares was suspended since July 6, 2006, the static threshold (trading band) on the price of Steniel Manufacturing shares will be lifted upon the resumption of trading of the company’s shares on April 30, 2024…,” it added.
The PSE implemented a trading suspension on Steniel Manufacturing after it lacked liquidity, as the company defaulted on a P636 million loan signed in 2000.
The PSE imposed a trading suspension on Steniel Manufacturing due to liquidity issues, as it defaulted on a P636-million loan signed in 2000.
Steniel’s debt was reduced through restructuring, which involved dacion en pago of the company’s idle machineries and debt conversion to equity.
Steniel Manufacturing also complied with the PSE’s minimum public ownership requirement after the company sold its shares involving three parties.
The company also sold its entire equity share in Steniel Mindanao Packaging Corp. (SMPC) in 2013. It then reacquired SMPC in 2019 through a share-swap agreement.
The company said that Steniel (Netherlands) Holdings B.V. transferred 70 million common shares to Monceau Philippine Holdings, Inc., as well as 940,604 common shares to Segovia Capital Holdings Phils., Inc., while Greenkraft Corp. also transferred 60 million common shares to a certain Ismael Cuan.
The move brought the company’s public ownership percentage to 22.27%, higher than the 20% minimum public ownership requirement.
In December 2021 and January 2022, the company acquired box plant assets used by Dole Philippines, Inc. in Davao del Norte for the production of its packaging materials.
Dole and Steniel Mindanao Packaging Corp. also executed a ten-year agreement from Aug. 24, 2022 to Feb. 23, 2032, for the supply of boxes, labels, and other packaging materials made of paper-related products.
Incorporated in 1963, Steniel and its subsidiaries are engaged in the manufacturing, processing, and selling of various paper products, paperboard, and corrugated carton containers. — Revin Mikhael D. Ochave
