Trading suspension on Steniel lifted

MANILA, Philippines — The Philippine Stock Exchange (PSE) has lifted Steniel Manufacturing Corp.’s nearly two-decade long trading suspension.

The PSE resolved to lift the trading suspension on Steniel effective April 30, 2024 following the company’s submission of the structured reportorial requirements and compliance with the requirements of the exchange’s rules.

The PSE implemented a trading suspension on the shares of Steniel on July 6, 2006.

This comes after Steniel shareholders on July 5, 2006 approved the filing of borrower-initiated petitions for rehabilitation.

At the time of the filing of the said petitions, Steniel said it lacked liquidity, but had assets that can adequately cover its liabilities.

From 2007 to 2009, Steniel said petitions for corporate rehabilitation were filed with different regional trial courts, which were all dismissed in 2009.

In 2019, Steniel’s negative stockholders’ equity was resolved with the approval by the SEC of the company’s application for increase of capital stock.

In October last year, Steniel Netherland Holdings B.V and Greenkraft sold a total of 130.94 million shares for purposes of complying with the minimum public ownership requirement of at least 20 percent of the company’s outstanding capital stock.

To date, the company’s major shareholders are Greenkraft (18.20 percent), Golden Bales (19.45 percent), Corbox (19.45 percent), Roxburgh (18.46 percent), and Clement Chua (9.82 percent) with an aggregate ownership equivalent to 77.73 percent of Steniel’s capital stock.

“Considering that the trading of the company’s shares was suspended since July 6, 2006, the static threshold (trading band) on the price of Steniel shares will be lifted upon the resumption of trading of the company’s shares on April 30, 2024, in accordance with Article VII, Section 6 of the Revised Trading Rules of the Exchange,” the PSE said.