Reporter
THE DECISION of the Philippine Stock Exchange (PSE) to tighten its rules on voluntary delisting has also given additional control to minority stakeholders, analysts said.
âThe PSEâs additional rules (on voluntary delisting) are enough and give extra protection to minority shareholders,â said AAA Southeast Equities, Inc. Research Head Christopher John Mangun in an e-mail interview.
On Dec. 21, the PSE released a memorandum confirming that the Securities and Exchange Commission (SEC) had approved changes to voluntary delisting rules.
âThe delisting must be approved by: a. At least two-thirds of the entire membership of the board, including the majority, but not less than two, of all of its independent directors; and b. Stockholders owning at least two-thirds of the total outstanding and listed shares of the listed company,â the PSE said in the memorandum.
December 28, 2020 | 12:01 am Font Size
OUTLIER
DESPITE the lack of catalyst during last weekâs shortened trading, SM Prime Holdings, Inc. is expected by analysts to recover on the back of holiday spending as well as the gradual reopening of the economy.
A total of 26.73 million shares worth P1.022 billion were traded from Dec. 21 to 23, making SM Prime the third most actively traded issue last week, data from the Philippine Stock Exchange showed.
Financial markets were closed on Dec. 24 and 25 in observance of the Christmas holidays.
Shares in the Sy-led property developer inched up by 1.7% to P38.55 apiece last Wednesday from the P37.90 finish last Dec. 18. The stock has risen by 67.6% since the start of the year.