MPTC seeks revocation of right to sell shares

The tollroad subsidiary of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) has sought for the revocation of its rights to sell shares.

The petition, approved by the Securities and Exchange Commission ( SEC) last week, is in line with the exit of Metro Pacific Tollways Corp. (MPTC) from the local bourse.

In an en banc decision, the corporate regulator granted the plea of MPTC for the voluntary revocation of its registration and permit to sell securities.

“On Oct. 10, 2013, the company’s board of directors resolved to file the subject petition to secure the revocation of the registration order and permit to sell for the reason that the company is no longer a public company,” MPTC said.

MPTC said it also requested for the exemption from reportorial requirements of the SEC because it has less than 200 stockholders owning at least 100 shares each.

In December 2012, MPTC delisted from the Philippine Stock Exchange given low public ownership level and the absence of plans to raise fresh capital from the equities market.

The board of directors and sharehold- ers of MPTC also approved last year the increase in the par value of shares to P100 from P1 apiece, thereby decreasing the number of shares comprising its authorized capital stock to 54 million from 5.4 billion.

Given the transaction, the tollroad operator cut its shareholders to 265, of which only 103 stockholders owning at least 100 shares.

While the SEC approved the revocation of the MPTC’s license to sell shares, the agency said the tollroad firm still has to comply with reportorial requirements like the submission of general information sheet and audited financial statements.

Under the Securities Regulation Code, a company with assets of at least P50 million with 200 or more stockholders each at least 100 shares are required to report to the SEC.

MPTC is the largest toll road operator in the Philippines, operating 64 percent of the total 300 kilometers (km.) of toll roads in the country including the 94-kilometer Subic-Clark-Tarlac Expressway, the 84-kilometer North Luzon Expressway and the 14-kilometer Manila-Cavite Expressway.