PHILIPPINES: PSE Publishes Circular on Amendments to Consolidated Listing and Disclosure Rules

Wednesday April 17 2024

On 16^th April 2024, the Philippine Stock Exchange (PSE) published a circular on amendments to article iii, part f, section 13 and article v, part f of the consolidated listing and disclosure rules.

The Securities and Exchange Commission (SEC) has approved the amendments to Article III, Part F, Section 13 and Article V, Part F of the PSE Consolidated Listing and Disclosure Rules.

The amendments pertain to:

1. Making allocation of offer shares to Local Small Investors mandatory instead of discretionary in follow-on offerings (FOOs);
2. Prohibition against the offering during FOOs of secondary shares subscribed, acquired, or availed of at a discount 180 days before the FOO;
3. Inclusion of express reference in the Rule on Follow-On Offerings to certain provisions of the Small, Medium, and Emerging (SME) Board Initial Listing Rules which are also applicable to FOOs undertaken by SME companies; and
4. Updating of certain provisions to correct outdated references.

The foregoing amendments shall take effect immediately.

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