LISTED Steniel Manufacturing Corp. said it is now compliant with the minimum public ownership requirement mandated by the Philippine Stock Exchange, Inc. (PSE) after certain share transfers were recorded in the company’s books.
In a regulatory filing on Wednesday, Steniel said the sale of its shares involving three parties had now been recorded in the company’s books. The company also said it had received copies of three certificates authorizing registration issued by the Bureau of Internal Revenue concerning the sale.
“With the above transfers, the company’s public ownership percentage is at 22.27% and is compliant with the minimum public ownership requirement under the PSE’s existing rules and regulations,” Steniel said.
“The transfers of the above 130,940,604 [Steniel] shares are now recorded in the books of the corporation, and the shares are now registered in the name of the buyers,” it added.
The PSE previously warned Steniel that it had until Nov. 22 to comply with the rule on minimum public ownership or risk being delisted.
In October, Steniel disclosed 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.
As a result, Steniel Manufacturing’s public float is expected to increase from the then 13.09% after the transfer of the shares to the three parties.
The move is also expected to lift the trading suspension on the company’s shares, which was implemented after its public float went below the PSE’s minimum requirement of 20%.
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 Ochave