THE Philippine Stock Exchange Inc. (PSE) indefinitely suspended the trading of Liberty Telecoms Holdings Inc. (LIB) shares late Friday after its public float dipped below the 10 percent minimum requirement for publicly listed companies.
LIB reduced its public float to 4.55 percent from 12.82 percent after it executed a block sale on Friday for the acquisition of the shares tendered by its minority shareholders in connection with the voluntary delisting procedure that LIB is pursuing.
“Hence, pursuant to the amended rule on minimum public ownership, the trading suspension on LIB’s shares will be implemented immediately,” the PSE said in a statement on Friday.
“While we encourage companies to continue to be listed, we respect the business judgment of listed companies to go private. Furthermore, we are in communication with the relevant regulatory agencies as regards the said transaction,” PSE chief operating officer Roel A. Refran said.
LIB embarked on a tender offer exercise from August 24 to October 20, following its petition for voluntary delisting.
The crossing of the tendered shares was concluded on Friday, while settlements will be made on Wednesday, November 9. Liberty’s proposed date of delisting is on November 21, but is still subject to PSE approval.
The PSE said minority shareholders of a delisted company can still transact through the over-the-counter market and not through the facilities of the PSE.