Wednesday, May 29, 2024

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Steniel plans to raise its public float by transferring shares.


LISTED Steniel Manufacturing Corp. is set to increase its public float and to lift the trading suspension on the company’s shares following the sale of its shares.

On Monday, Steniel announced in a statement to the stock exchange that it had acquired copies of deeds for the complete sale of shares on October 6. The transaction involved the transfer of the company’s shares to three different parties.

The company listed that Steniel (Netherlands) Holdings B.V. transferred 70 million common shares to Monceau Philippine Holdings, Inc. and 940,604 common shares to Segovia Capital Holdings Phils., Inc. In addition, Greenkraft Corp. transferred 60 million common shares to Ismael Cuan.

The trade occurred following the halting of Steniel stock trading by the PSE because the company’s public ownership decreased to 13% of its total shares, falling below the market’s minimum requirement of 20%.

Steniel stated that the company’s public ownership will rise from 13.09% to 22.32% through these transfers, in accordance with the current regulations and guidelines of The Philippine Stock Exchange Inc. (PSE).

“The 130,940,604 Steniel shares will be officially transferred to the recipients once the necessary certificates from the Bureau of Internal Revenue have been obtained. This will be reflected in the company’s records.”

Steniel and its affiliated companies were established in 1963 and are involved in the production, processing, and distribution of a variety of paper goods such as paper products, paperboard, and corrugated cardboard boxes. – Revin Mikhael D. Ochave