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The Philippine Stock Exchange is drafting rules that will penalize listed companies whose public float falls below the required 10-percent threshold prior to completing a tender offer.
The PSE is making the amendment after the small shareholders of Holcim Philippines Inc. had to undergo the tedious process of transferring the shares, including paying CGT and DST, after the cement firm sought voluntary delisting from the local bourse. Under Revenue Regulation No. 16-2012, a final tax of either 5 percent or 10 percent on the net capital gains would be imposed on every sale, barter, exchange or other disposition of shares for listed companies not compliant with the minimum public ownership requirement.
Online brokerage firm 2TradeAsia.com said investors were anticipating another interest rate hike in the Bangko Sentral ng Pilipinas’ next policy meeting in November after September inflation rate came in at 6.1 percent.
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