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The number of companies listed on the Philippine Stock Exchange (PSE) will decrease as the exchange continues its delisting efforts. According to PSE president Ramon S. Monzon, the Issuer Regulation Division will be clearing companies that have been suspended or have not been actively trading recently in the coming weeks.
“That’s one of her assignments from me — clean up all these listed companies that are not [trading], that have been suspended for a long time,” said Monzon, referring to the division’s new head Marigel Baniqued-Garcia.
A company may be involuntarily delisted if it fails to file annual reports on time and correct negative stockholder equity in the past three years. The addition of a time-bound rule is also being considered for companies that have applied for voluntary delisting and have not traded for an extended period.
“If a company fails to trade for three or five years, it cannot be listed,” explained Monzon. “I’d rather have 90 listed companies that are trading,” he added, pointing out the situation of the exchange.
Currently, the PSE has around 270 listed companies. However, only 80 to 90 of these companies are actively trading.
Source: BusinessWorld
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