PSE Has Last Day Today to Submit Demutualization Plan

By Borja, Ryan G. | Manila Bulletin, June 18, 2001 | Go to article overview

PSE Has Last Day Today to Submit Demutualization Plan


Borja, Ryan G., Manila Bulletin


The Philippine Stock Exchange (PSE) should be able to demutualize by August 8 as mandated under the new Securities Regulation Code (SRC) or face the consequence of being cited for contempt, the Securities and Exchange Commission (SEC) warned over the weekend.

SEC chairperson Lilia R. Bautista said the corporate regulator would still wait for the local bourse to submit with SEC the PSE's detailed demutualization plan until today, after the lapse of the June 15 deadline set by the agency for the Exchange to submit the required plan.

Bautista stressed the PSE would face bigger problem if it will not work double time to iron-out kinks in its planned demutualization. "But we will still wait for them to really submit the plan this Monday for our approval."

The PSE's failure to submit the plan stemmed from its disagreement with SEC over the mode of de facto merger to be effected by the PSE when it converts itself from non-stock to stock corporation.

Subsequently, the bourse has once again suspended its holding of a special membership meeting on reason that "there was nothing to present to the member-brokers." The PSE was supposed to hold the meeting on June 13.

The PSE is pushing for a de facto merger of demutualization which call for the transfer and distribution of 80 percent of its assets to a new company to be set up in exchange for this holding firm's shares even before the required conversion.

The SEC, however, said although SEC already allowed them to set up the new holding company which is detached from the demutualized PSE, still the Exchange cannot transfer the shares to be issued for the value of the assets to brokers unless the same is dissolved. …

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