MANILA, Philippines – The Philippine Stock Exchange (PSE) plans to allow companies to debut on its bourse by offering preferred shares without having to list their common shares.
The issuer, however, must offer at least P5 billion worth of preferred shares, based on a draft regulation exposed by the PSE for public feedback.
In lieu of the rule requiring listed companies to maintain a public ownership of at least 20 percent of its issued and outstanding shares, the issuer must have at least 1,000 public stockholders, each owning stocks equivalent to at least one board lot after the offering, the draft regulation dated March 10 said.
“There are co…
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