Metro Global Holdings Corp. said its mother company Fil-Estate Management Inc. sold 2 percent of its stake in the company to Hong Kong-based Smart Share Investments Ltd. so it could be kept listed.
The 55 million shares with a par value of P1 enable Metro Global to be compliant with the Philippine Stock Exchange’s 10 percent minimum public float (MPO) rule.
Metro Global said the shares transferred to Smart Share is in partial settlement of the advances extended to Fil-Estate Management.
“With the registration of the said 55 million MGH common shares in the name of SMART SHARE, a third party investor unrelated to MGH, the public float of MGH now stands at 10.67 percent thus, remedying the temporary MPO breach of the company in the last five months,” it said.
Metro Global triggered the rule in February when it issued 750 million shares to Fil-Estate Management.
