The PSE announced that Union Bank will be removed from the PSEi, effective October 4, due to the reclassification of the SSS’s stake in UBP from public to non-public.
] will be removed from the PSEi, effective October 4, due to the reclassification of the stake in UBP from public to non-public. The reclassification will cause UBP’s public float to fall below the 20% threshold needed to maintain membership in the PSEi. The PSE clarified that this will only affect UBP’s membership in the PSEi; UBP’s float is still above the 10% required to remain listed for open trading on the PSE.
Now, the new rules focus more on the intent of the investor, and UBP’s influence and control over the company by way of its presence on UBP’s board tip the balance of factors in favor of considering the shares as non-public. The PSE sent the rule change out for comment two months ago on August 25, but has not provided follow-up guidance on the result of that comment period or a timeline for the implementation of the proposed changes.
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