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MANILA - The Philippine Stock Exchange has pushed back the deadline for the submission of comments on the proposed listing rules in a new board that will replace the second and small and medium enterprise boards.
"Please be informed that the Exchange is extending the period for submission of public comments on the Proposed Rules for Listing in the New Board of PSE to 12 noon, August 17, 2012," Hans Sicat, PSE president and chief executive officer, said in a memorandum posted on the bourse website.
The original deadline was on August 10.
Salient features of the rules include track record and profitability requirements, a five-year business plan and a stringent lock-up period. The amendments also restrict an applicant company from selling secondary shares during an initial public offering and changing its primary business purpose for a period of five years after listing.
Last month, the PSE temporarily suspended listing in the second and SME boards after directing a review of its own rules to enhance the safeguards for the investing public.
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