Months after I wrote about the proposed rules on the disposal of publicly listed companies’ (PLCs) assets and discussed its salient features on Feb. 26, 2020, the Securities and Exchange Commission (SEC) posted on its official website SEC Memorandum Circular 12, Series of 2020 (SEC MC 12, s. of 2020), which pertains to the guidelines on shareholders’ approval of the sale of these assets.
This is pursuant to the commission’s regulatory powers under Republic Act 11232, or the