More Firms to Be Delisted This Year -PSE

The Philippine Stock Exchange Inc. (PSE) is cleaning up its roster of listed firms, with more erring companies up for delisting this year.

- By RICHMOND MERCURIO

PSE president and CEO Ramon Monzon said there are additional companies lined up for involuntary delisting for this year following the upcoming removal of Philab Holdings Corp.

"You may be thinking, why do you have to delist if the company is already suspended and it is not trading? That is because if we do not delist, the disqualification of its directors will not take effect. If we don't delist them, how can we disqualify the directors?" Monzon said.

Under PSE's rules on delisting, a delisted company is prohibited from applying for relisting within a period of five years from the effective date of delisting.

Further, its directors and executive officers are disqualified from being elected as such in any company applying for listing also within five years from the effective date of delisting.