12 July 2013
By Krista Angela M. Montealegre
The Philippine Stock Exchange (PSE) has lifted trading suspension on PAL Holdings Inc shares effective today after the airline operator complied with the bourse's minimum public ownership requirement.
In a disclosure to the Philippine Stock Exchange, the operator of
Philippine Airlines said its public float has increased to 10.22 percent
from 0.55 percent earlier, thus complying with the minimum public
ownership requirement of 10 percent.
PAL Holdings avoided delisting after private investors subscribed to
P2.415 billion worth of common shares issued after its capital stock was
increased to P30 billion from P23 billion previously.
The PSE had given listed firms until end-2012 to meet the free float
rule. Trading in shares of companies that failed to meet the deadline
was suspended starting last January, but the bourse gave them until June
30 to address the deficiency, barring which they would be delisted.
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