In the last trading day of the year, only Manchester International Holdings Unlimited Corp. did last-minute selling of assets to comply with the minimum public ownership (MPO) rule, which leaves 10 listed companies non-compliant facing suspension starting next week.

Since the 10 companies weren’t able to comply in the MPO rule, the Philippine Stock Exchange will have to impose trading suspension of their shares starting on the first trading day of 2013.

Southeast Asia Cement Holdings, Inc. (Seacem) and San Miguel Brewery Inc., among other firms, also said on Friday that they have received notices from the exchange, relating to the MPO requirement and the implementation of the suspension of trading on listed shares of non-compliant listed companies.

“The company is working on its options in the context of, among others, possibilities for consolidating assets and investments and opportunities for entering into transaction with third party [ies], and will timely disclose any such actions as appropriate,” Seacem said.

Several weeks ago, the PSE said that it will start enforcing strictly its minimum public float rule starting next year.

In June next year, the local bourse will start delisting shares of firms that will not comply to the 10-percent MPO rule, while on January 1, 2013, the exchange will start suspending those that fail to meet the deadline given to them.

A PSE memorandum on the matter states that listed companies that are non-compliant with the MPO requirement were given a grace period of up to December 31, 2012 to meet the requirements.

PSE requires publicly listed firms to have a minimum of 10 percent of their issued and outstanding shares, exclusive of any treasury shares, held by the public.

Trading suspension means that the trading of shares of the company will be subject to 5 percent or 10 percent capital gains tax and documentary stamp tax, instead of the + of 1 percent stock transaction tax, pursuant to Revenue Regulations No. 16-2012 of the Bureau of Internal Revenue.

The companies that remained non-compliant as of 5 p.m. on Friday are Alphaland Corp., Seacem, PAL Holdings Inc., Allied Banking Corp., San Miguel Brewery, PNOC Exploration Corp., San Miguel Properties Inc., Philcomsat Holdings Corp., Cosmos Bottling Corp., and Nextstage, Inc.

On Friday, Manchester said in its disclosure that its public ownership is now at 11.84 percent as a result of the sale of shares by a substantial stockholder. On Thursday, Maybank ATR KimEng Financial Corp. met the public float rule.