MANILA, Philippines – The Philippine Stock Exchange (PSE) plans to overhaul its backdoor-listing rules to ensure that minority shareholders are property apprised and given the opportunity to participate in the equity deal.
Based a consultation paper dated March 11, the PSE seeks to redefine the triggers for backdoor-listing, require more stringent corporate approvals and mandate a public offering of at least 10 percent of the subject company’s shares within one year from the closing of the deal.
Shares acquired pursuant to the backdoor-listing deal will be locked up for six months after the public offering. Shares of stockholders owning at least 10 percent will be …
Keep on reading: PSE to tighten backdoor – listing rules