Business World Online
Posted on September 12, 2011 10:27:53 PM
THE ENERGY department has hinted at missing the deadline for hiking the public float of state-run Philippine National Oil Co.- Exploration Corp. (PNOC-EC), with an official yesterday saying the agency prefers instead to pay the fine and wait for the market to improve.
“We talked to the PSE (Philippine Stock Exchange) and there is no real push for us to list by November and they understand that,” Energy Secretary Jose Rene D. Almendras told reporters in a chance interview.
“We’re very open to us paying the penalties anyway so there is no urgency,” Mr. Almendras said.
PNOC-EC is one of the 40 companies warned by the bourse to increase its public float to at least 10% by Nov. 30 to comply with new standards.
The Philippine government, through PNOC, owns roughly 99% of PNOC-EC.
Listed companies with a public float of 5% and below will be penalized by having to pay twice the annual listing maintenance fees for the first year of noncompliance.
The fee, equivalent to 1/100 of 1% of the listed firm’s market capitalization, is multiplied 2.25 times for those that remain delinquent for two years and 2.5 times for those who fail to comply on their third year.
For firms with more than 5% but less than 10% public float, the PSE will slap penalties 2.5 times the listing fee for the first year of noncompliance.
“You will get bigger value for your shareholder if you listed at the time when the environment is better,” said Mr. Almendras. -- Emilia Narni J. David
“We’re very open to us paying the penalties anyway so there is no urgency,” Mr. Almendras said.
PNOC-EC is one of the 40 companies warned by the bourse to increase its public float to at least 10% by Nov. 30 to comply with new standards.
The Philippine government, through PNOC, owns roughly 99% of PNOC-EC.
Listed companies with a public float of 5% and below will be penalized by having to pay twice the annual listing maintenance fees for the first year of noncompliance.
The fee, equivalent to 1/100 of 1% of the listed firm’s market capitalization, is multiplied 2.25 times for those that remain delinquent for two years and 2.5 times for those who fail to comply on their third year.
For firms with more than 5% but less than 10% public float, the PSE will slap penalties 2.5 times the listing fee for the first year of noncompliance.
“You will get bigger value for your shareholder if you listed at the time when the environment is better,” said Mr. Almendras. -- Emilia Narni J. David
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