PSE to implement 1-hr trading halt on Central Azucarera de Tarlac shares
The Philippine Stock Exchange announced it will halt trading of shares of Central Azucarera de Tarlac from 9am to 10am on October 25, 2016, following the regulator’s approval of its capital restructuring.
In a disclosure to the stock exchange, Central Azucarera de Tarlac said the PSE will halt trading of its shares for one hour to give the public time to digest the reduction in its par value from P10 per share to P1 per share on October 25, 2016.
The Securities and Exchange Commission last week approved the company’s capital restructuring that also increases the number of its shares to 400 million from 10 million and the increase in the number of its board seats to nine from eight.
The stock split will allow a wider base of the public to participate or invest in the company, increase its public float, and enhance the value of its shares.
Central Azucarera de Tarlac reported a 22-percent jump in its net income for its fiscal year 2016 which it attributed to focused initiatives to sustain the progress of its financial performance despite the challenges.