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Thursday, February 22, 2024

Steniel avoids delisting from PSE, but stock trading remains frozen

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Trading of Steniel Manufacturing Corp.’s stocks will remain suspended even after the company complied with the 20-percent minimum public ownership (MPO).

The Philippine Stock Exchange said in a notice Steniel managed to comply with the public ownership requirement after its major shareholders sold some shares to various investors. This means that Steniel will no longer be automatically delisted from the local bourse.

It said, however, trading of Steniel’s shares would remain suspended because of non-compliance with reportorial requirements.

Steniel, incorporated on Sept. 13, 1963, is engaged in the manufacturing, processing and selling of paper products, paper board, corrugated carton containers and other allied products and processes.

“Given the company’s compliance with the requirements under the Amended MPO Rule and the relevant guidelines, Steniel shares will no longer be automatically delisted on Nov. 23, 2023,” the PSE said.

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Steniel’s major shareholder Steniel Netherlands sold 70 million common shares to Monceau Philippine Holdings Inc. and another 940,604 common shares to Segovia Capital Holdings Phils. Inc.

Another Steniel shareholder, Greenkraft Corp., also sold 60 million common shares to a certain Ismael Cuan.

Steniel said the Bureau of Internal Revenue issued certificates authorizing registration of the transfers, while the transfer was recorded in the company’s books.

These transactions increased Steniel’s public ownership to 22.27 percent from 13.04 percent. Shares of Steniel were last traded on July 5, 2006 when they closed at P0.25.

Other listed firms whose trading are suspended over non-submission of reportorial requirements include Philippine National Construction Corp., Philab Holdings Corp., MJC Investments Corp., Manila Jockey Club Inc., Philab Holdings Corp., Globalport 900 Inc. and IP E-Game Ventures Inc.

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