MANILA, Philippines – The Securities and Exchange Commission (SEC) is proposing to double the minimum public ownership of listed companies to attract more foreign investments.
In a text message to ANC, SEC chairwoman Teresita Herbosa said the Commission wants to increase the minimum public float requirement to 20% from the current 10%.
Herbosa admitted the SEC may settle for a lower number if many listed companies have a hard time meeting the requirement.
The Philippine Star earlier reported the SEC may set a 15% minimum public ownership requirement for listed companies this year, and 20% for next year.
The Star said Finance Secretary wants to boost public ownership of listed firms to attract foreign funds that won’t bother to come in if they can’t invest in a relatively big way.
Even companies as large as San Miguel Brewery were delisted this year, while PAL Holdings was suspended until it met the requirement earlier this month. - ANC
source: http://www.abs-cbnnews.com/business/07/24/13/sec-seeks-double-minimum-public-ownership
