After the trading of PNOC-Exploration Corp. (PNOC-EC) shares was suspended on Wednesday, a top official of the company said on Friday that they are in talks with their financial advisor on how to comply with the minimum public ownership (MPO) rule to avoid delisting.

PNOC-EC President and Chief Executive Officer Pedro Aquino Jr. said in a text message that even if the trading of the company’s shares was suspended, they will try to comply with the MPO before the Philippine Stock Exchange (PSE) delists the company in July.

“The trading of shares was suspended. But we will comply with the 10-percent MPO rule before June of this year,” he said.

As to how they intend to comply, Aquino only said that, “we have a financial advisor that is assisting us.”

On Wednesday, the local bourse suspended trading of seven listed firms as the percentage of their shares which are publicly listed at the PSE remained below the 10-percent required by the bourse’s MPO rule.

Trading of shares in Alphaland Corp., Southeast Asia Cement Holdings Inc., PAL Holdings Inc., Allied Banking Corp., San Miguel Brewery Inc., San Miguel Properties Inc., and PNOC-EC, was suspended as of January 2.

Also, trading of three non-MPO compliant companies remained suspended, namely, Philcomsat Holdings Corp., Cosmos Bottling Corp. and Nextstage Inc. for other disclosure violations.

“We urge companies to comply as this will also encourage good corporate governance,” PSE President and Chief Executive Officer Hans Sicat said.

Listed companies that are non-compliant with the MPO requirement were given a grace period of up to December 31, 2012 to comply. Immediately after December 31, 2012, the PSE said that it would impose a trading suspension on the shares of non-compliant listed companies beginning January 2, 2013, for a period of no more than six months, or until June 30, 2013.

The exchange will lift the trading suspension imposed on the company’s shares after the concerned listed firm presents proof of compliance with the MPO requirement.

By June 30, 2013, a listed company remains non-compliant, its shares shall be delisted effective July 1, 2013.

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