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SEC tackles minimum public float limit in dormant firms

MANILA, Philippines — The Securities and Exchange Commission(SEC) plans to address the issues raised by dormant companies regarding the 20 percent minimum public ownership (MPO) rule.

SEC Commissioner Ephyro Luis Amatong said many of the 269 listed companies are not actually operating.

“So how will you increase the capital float for those that are not operating,” Amatong said.

He said dormant firms have concerns on the proposed increase in the minimum public float requirement.

“What we are looking at is, we will go forward with the IPOs first, to require the minimum float for new IPOs to 20 (percent). We’re still looking to address the older firms,” Amatong said.

Amatong said the SEC is looking to release a new ruling by late October or early November on the MPO requirement.

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The SEC earlier said it was pushing for the doubling of the MPO to 20 percent from the current 10 percent.

Under SEC’s original proposal, existing listed companies need to gradually increase their public float of 15 percent by the end of 2018 and to 20 percent by 2020.

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