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
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.