Metro Global Holdings Corp. (MGH), a listed company led by businessman Robert John Sobrepena, narrowly evaded delisting from the local bourse after raising its public ownership to 10.67 percent a few days before the deadline.
The Philippine Stock Exchange (PSE) said in a notice posted on its website MGH had complied with the amended minimum public ownership (MPO) requirement after its parent firm Fil-Estate Management Inc. (FEMI) assigned 55 million MGH shares to third-party investor Smart Share Investments Limited (SSIL).
The 55 million MGH common shares represent 2 percent of the outstanding common shares of MGH.
“With the registration of the said 55 million MGH common shares in the name of Smart Share, a third-party investor unrelated to MGH, the public float of MGH now stands at 10.67 percent thus, remedying the temporary MPO breach of the company in the last five months,” MGH said in a disclosure to the stock exchange.
The PSE flagged MGH in February for its non-compliance with the amended MPO, after its public float fell to 8.67 percent. It gave the company six months to remedy the problem.
Shares of MGH were last traded on Feb. 27, 2024 when it closed at P1 apiece.
Meanwhile, MGH said it completed the acquisition of 100-percent stake in Metro Solar Power Solutions Inc. based on an enterprise value of P325 million.
“The acquisition of Metro Solar as a 100-percent subsidiary of MGH will allow MGH to engage, thru Metro Solar, in the business of development, construction, operation and maintenance of power generation facilities sourced through solar, wind or other renewable sources of energy,” the company said.
Metro Solar is a company primarily organized to erect, commission, maintain power-power generating plants and related facilities for the conversion of renewable energy into usable form fit for electricity generation and distribution.
It has a 65-megawatt solar power project in Pililla, Rizal which is targeted for commercial operation by the fourth quarter of 2025.
