Metro Global given 6 months to avoid involuntary delisting
The PSE gave notice to Metro Global Holdings [MGH suspended] [link] that it has six months to increase its public float above 10% to comply with the PSE’s Minimum Public Ownership (MPO) rule or be “automatically delisted” from the stock exchange. MGH’s public float was pushed below the MPO threshold after a transaction to increase MGH’s authorized capital stock was approved by the SEC, and a large block of shares was “deemed issued” to MGH’s parent company, Fil-Estate Management (FEM). According to MGH’s website, the company’s shares “have been voluntarily suspended since March 20, 2007, to allow the Company to re-align its business and explore new strategic directions.”
