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Manila Bulletin devider Business devider The Stock Market devider Sobrepeña's Metro Global faces ghost month delisting

Sobrepeña's Metro Global faces ghost month delisting

Published Jul 17, 2024 01:21 am

The Philippine Stock Exchange (PSE) has warned Metro Global Holdings Corporation (MGH), a firm controlled by Robert John L. Sobrepeña, that its shares will be delisted in the first week of the ghost month if it fails to increase its public ownership.

In a memorandum to stock market participants, PSE President and Chief Executive Officer Ramon S. Monzon noted that MGH has not been compliant with the bourse’s minimum public ownership rule since February 2024.

“Pursuant to the Amended MPO Rule, listed companies that become non-compliant with the minimum public ownership requirement (MPO) shall be suspended from trading for a period of not more than six months and shall be automatically delisted if it remains non-compliant with the MPO after the lapse of the suspension period,” he added.

Since MGH remains non-compliant with the Amended MPO Rule, Monzon said that “should the Company remain non-compliant with the minimum public ownership requirement after the lapse of the six-month period reckoned from February 5, 2024, MGH shall be automatically delisted from the Official Registry of the Exchange.”

MGH recently reported that it has undertaken a new business direction to engage in solar, wind, and other renewable energy generation facilities starting this year through a newly acquired subsidiary, Metro Solar Power Solutions Inc.

MGH acquired the firm from Sobrepeña through Fil-Estate Management Inc. (FEMI) in exchange for P250 million worth of MGH shares.

Metro Solar has an existing 65-megawatt solar power project in Pililla Rizal, which is targeted to break ground in 2024.

Other subsidiaries of MGH, formerly Fil-Estate Corporation, include MGHC Royal Holdings Corporation and Metro Renewable Transport Solutions, Inc.

The company also has investments in companies engaged in infrastructure development of light rail systems through Metro Rail Transit Corporation and Monumento Rail Transit Corporation Inc.; and property development through MRT Development Corporation.

Related Tags

Ramon S. Monzon Philippine Stock Exchange Robert John L. Sobrepeña Metro Global Holdings Corporation
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