Voluntary delisting rules out by Q1

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    The Philippine Stock Exchange (PSE) expects to have it voluntary delisting rules out by the first quarter of next year, its president Ramon Monzon said.

    This follows after it released the rules to public comments this month, which covers more minority shareholders’ participation in the decision making process.

    The PSE wants that for any delisting plans, it must be approved by all independent directors of the company; approved by stockholders owning at least 75 percent of the total outstanding and listed shares of the company (either through a meeting or a written agreement); and the number of votes cast against delisting should not be more than 10 percent of the total outstanding and listed shares.

    The PSE also said companies planning to delist must set a floor price to ensure the tender offer price will not be lower than the highest value based on the fairness opinion or valuation report prepared by an independent valuation provider;
    highest closing price in the six months immediately preceding the date of the notice to stockholders of the proposed delisting; and the volume weighted average price (VWAP) for one year immediately preceding the date of the notice of stockholders of the proposed delisting.

    The PSE earlier said proposals were benchmarked to eight other exchanges — the Australian Securities Exchange, Bursa Malaysia, Bombay Stock Exchange (India), Stock Exchange of Hong Kong, Indonesia Stock Exchange, Stock Exchange of Thailand, Singapore Exchange, and Taiwan Stock Exchange.

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