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Criteria | Main Board |
|---|---|
Operating History Requirement | Three (3) years of engaging in materially the same business |
Board of Directors Requirement | Minimum of seven (7) directors, two (2) of which or 20% of the board have to be independent, and each director should have at least one (1) share in his name |
Profit Test | A.) Cumulative net income, excluding non –recurring items, of at least Php75 million for three (3) full fiscal years immediately preceding the application for listing; AND B.) Minimum net income of Php50 million for the most recent fiscal year For this purpose, the Applicant Company shall submit to the Exchange audited consolidated financial statements for the last three (3) full fiscal years preceding the filing of the application. The financial statements must be accompanied by an unqualified external auditor’s opinion. |
Stockholders’ Equity Requirement | Stockholders’ equity must be at least Php500 million for the most recent fiscal year |
Minimum Number of Stockholders upon Listing | At least 1000 stockholders, each owning stocks equivalent to at least one (1) board lot |
Minimum Public Offering | 20% upon and after listing |
1/100 of 1% of market capitalization but in no case to be less than Two Hundred Fifty Thousand Pesos (Php 250,000.00) nor more than Two Million Pesos (Php 2,000,000.00).
To be paid on or before January 15 of each year, with an allowable grace period of one week.
The listed company shall be assessed a fine of Php 1,000.00 for every calendar day of delay. If the company fails to remit the maintenance fee by February 15 of that same year, the Exchange shall discontinue assessing the company the fine but it shall automatically suspend the company from trading for 2 months or until April 15. If the listed company still fails to pay the required fee after April 15, the listed company shall be considered for delisting in accordance with the Delisting Rules of the Exchange.
The annual maintenance fee for Subscription Warrants shall be based on the total funds which would be raised from the full exercise of the warrants, to wit:
Percentage of Existing Issued Share Capital Subject to Warrants: Not Exceeding 10%
Percentage of Existing Issued Share Capital Subject to Warrants: Not Exceeding 50%
Percentage of Existing Issued Share Capital Subject to Warrants: Not Exceeding 100%
Percentage of Existing Issued Share Capital Subject to Warrants: Over 100%
The maintenance fee is payable upon the approval of the application for listing of Subscription Warrants of an application and/or listed company by the Board of Directors.
If the Subscription Warrants are listed anytime during the year, the applicant company shall pay a maintenance fee covering the quarter when the warrants were listed until yearend.
| Criteria | SME Board |
|---|---|
| Operating History Requirement | At least two (2) years prior to listing application |
| Board of Directors Requirement | Minimum of seven (7) directors, two (2) of which or 20% of the board have to be independent, and each director should have at least one (1) share in his name |
| Profit Test | Applicant must satisfy any one of the following requirements: a. Cumulative EBITDA, excluding non- recurring items, of at least Php15 million for the three (3) fiscal years immediately preceding the application or such shorter period as the company has been operating; OR b. Cumulative OPERATING REVENUES or SALES of at least Php150 million for the last three (3) fiscal years immediately preceding the filing of the listing application or such shorter period as the company has been operating, with an average net sales or operating revenue growth rate of at least 20% for the 2 fiscal years immediately preceding the listing application filing |
| Stockholders’ Equity Requirement | Stockholders’ equity must be at least Php25 million for the most recent fiscal year |
| Minimum Number of Stockholders upon Listing | At least 200 stockholders, each owning stocks equivalent to at least one (1) board lot |
| Minimum Public Offering | 20% upon and after listing |
| Other Requirements | Submission of a business plan containing steps to advance the company’s business over a period of five (5) years |
The filing fee rates shall be 1/10 of 1% of the maximum aggregate price of the securities to be offered.
One Hundred Pesos (Php 100.00) for every One Million Pesos (Php 1,000,000.00) market capitalization, but in no case to be less than Fifty Thousand Pesos (Php 50,000.00) nor more than Two Hundred Fifty Thousand Pesos (Php 250,000.00).
To be paid on or before January 15 of each year, with an allowable grace period of one week.
The listed company shall be assessed a fine of Php 1,000.00 for every calendar day of delay. If the company fails to remit the maintenance fee by February 15 of that same year, the Exchange shall discontinue assessing the company the fine but it shall automatically suspend the company from trading for 2 months or until April 15. The company shall be delisted without prejudice to the payment of the proportionate maintenance fees of the Exchange.
The annual maintenance fee for Subscription Warrants shall be based on the total funds which would be raised from the full exercise of the warrants, to with:
Percentage of Existing Issued Share Capital Subject to Warrants: Not Exceeding 10%
Percentage of Existing Issued Share Capital Subject to Warrants: Not Exceeding 50%
Percentage of Existing Issued Share Capital Subject to Warrants: Not Exceeding 100%
Percentage of Existing Issued Share Capital Subject to Warrants: Over 100%
The maintenance fee is payable upon the approval of the application for listing of Subscription Warrants of an application and/or listed company by the Board of Directors.
If the Subscription Warrants are listed anytime during the year, the applicant company shall pay a maintenance fee covering the quarter when the warrants were listed until yearend.
NOTE:
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