Lawmaker says P1-billion, 20% rule hinders subsidiaries’ preferred share listings - BusinessWorld Online

Lawmaker says P1-billion, 20% rule hinders subsidiaries’ preferred share listings - BusinessWorld Online

ALBAY Rep. Raymond Adrian E. Salceda said the Philippine Stock Exchange’s (PSE) rule requiring companies to offer at least P1 billion or 20% of their market capitalization when listing preferred shares has made it difficult for subsidiaries of listed companies to tap the stock market. “The current rule allows any SEC-registered company to do an IPO (initial public offering) of preferred shares, but with very specific conditions: P1-billion offer…