LISTED Steniel Manufacturing Corp. is set to increase its public float and to lift the trading suspension on the company’s shares following the sale of its shares.
In a stock exchange disclosure on Monday, Steniel said it received copies of the deeds of absolute sale of shares dated Oct. 6, which involved the transfer of the company’s shares to three parties.
The listed firm 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 transaction came after the trading of Steniel shares was suspended by the PSE due to the company’s public float falling to 13% of its outstanding shares, which is below the market operator’s minimum requirement of 20%.
“With these transfers, the company’s public ownership will increase from 13.09% to 22.32% in compliance with the existing rules and guidelines of The Philippine Stock Exchange Inc. (PSE),” Steniel said.
“The transfers of the 130,940,604 Steniel shares in the name of the transferees will be recorded in the books of the company once the certificates authorizing registration have been secured from the Bureau of Internal Revenue,” it added.
Incorporated in 1963, Steniel and its subsidiaries have business interests in the manufacturing, processing, and selling of various paper products, paperboard, and corrugated carton containers. — Revin Mikhael D. Ochave