The Philippine Stock Exchange said Monday Globalport 900 Inc. of businessman Michael Romero may face delisting if it fails to raise its public ownership by July this year.
Globalport said in a recent filing with the PSE its public float fell to 8.46 percent in January after it issued 600 shares to the incoming directors and the election as director of a stockholder owning 1.53 percent.
Listed firms are required to maintain a public float of at least 10 percent to remain listed on the local bourse.
“On 04 January 2022, the company issued 600 shares to the incoming directors. From 01 January 2022 and up to the date of the special stockholders’ meeting on 12 January 2022, the public float of the company is 9.99 percent,” Globalport said.