The Philippine Stock Exchange (PSE) plans to strengthen its backdoor-listing rules in a bid to empower the investing public to properly scrutinize any equity deal that will shake up business or voting control in any publicly listed company.
Based on the new blueprint, 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.
A stock rights offering (SRO) will not be considered as a public offering for this purpose. Furthermore, secondary offering of shares under trading suspension or lock-up will not be allo…
Keep on reading: PSE: Stricter backdoor-listing rules to benefit investors