The Philippine Stock Exchange (PSE) will lift the trading suspension of Steniel Manufacturing Corp. on Tuesday (April 30), ending nearly 18 years of restriction due to several factors.
The Steniel shares have been suspended since 2006 and were last traded at P0.250 apiece.
The PSE said in a notice posted on its website the trading band on Steniel shares would also be lifted upon resumption of its trading, considering that the company had been suspended since July 6, 2006.
This means that Steniel shares will be allowed to go up by more than 50 percent or drop by more than 30 percent from its last trading price.
The PSE suspended trading of Steniel in 2006 after the company underwent corporate rehabilitation.
Petitions for corporate rehabilitation were filed with different regional trial courts from 2007 to 2009, which were all dismissed in 2009.
The company submitted its initial request for lifting of the trading suspension in 2011, citing as reason the dismissal and termination of the rehabilitation proceedings and after concluding a debt restructuring agreement with creditors.
The PSE then directed Steniel to submit supporting documents related to the dismissal of the petitions for rehabilitation. The company managed to submit all the documents in 2017.