PSE: Metro Global Holdings Corporation Remains Non-Compliant with the Amended Rule on Minimum Public Ownership

​Metro Global Holdings Corporation remains non-compliant according to the PSE. This is with reference to PSE EDGE Disclosure Notice No. DN00019-2024 dated February 20, 2024 regarding Metro Global Holdings Corporation’s (MGH) non-compliance with the Amended Rule on Minimum Public Ownership (the Amended MPO Rule).

Pursuant to the Amended MPO Rule, listed companies that become non-compliant with the minimum public ownership requirement (MPO) shall be suspended from trading for a period of not more than six (6) months and shall be automatically delisted if it remains non-compliant with the MPO after the lapse of the suspension period.
 
Given the foregoing, and as previously announced in the above-cited Disclosure Notice, should the Company remain non-compliant with the minimum public ownership requirement after the lapse of the six (6)-month period reckoned from February 5, 2024, MGH shall be automatically delisted from the Official Registry of the Exchange.
 
Metro Global Holdings Corporation (MGH) was incorporated as San Jose Oil Company, Inc. on September 17, 1954 and was listed on the Philippine Stock Exchange (PSE) on May 4, 1964 as an oil exploration company and was reorganized in 1996 into a corporate vehicle that will pursue infrastructure-related investments and was renamed Fil-Estate Corporation. On September 9, 2004, the Philippines Securities and Exchange Commission (SEC) approved the extension of the Company’s corporate life for another 50 years or until 2054.
 
On May 30, 2014, the SEC approved the amendment of the Articles of Incorporation and By-Laws of the Company, changing its name from Fil-Estate Corporation to Metro Global Holdings Corporation. The amendments were intended to identify the group of companies under the "Metro Group" and establish the affiliation of the Company with its affiliate infrastructure companies, which likewise had the word "Metro" in their corporate names.
 
The trading of Company’s shares of stock at the PSE has been voluntarily suspended since March 20, 2007 to allow the Company to re-align its business and explore new strategic directions.