STENIEL MANUFACTURING CORP. (STN) secured approval from the Securities and Exchange Commission (SEC) for its share valuation, paving the way to issue additional shares and list previously unlisted stock on the Philippine Stock Exchange (PSE).
The SEC approval allows STN to apply P247.64 million in advances for the subscription of 123.82 million additional shares at a par value of P1 each, the company announced on Tuesday.
The certificate is a prerequisite under SEC rules for STN’s plan to list 542.63 million unlisted shares.
The listing will proceed once the company complies with all SEC and PSE requirements, following board approval in May 2023.
Steniel Manufacturing, established in 1963, and its subsidiaries produce, process, and sell paper products, paperboard, and corrugated cartons.
The PSE lifted the nearly 18-year trading suspension on STN shares in April 2024. The suspension, imposed in July 2006, followed liquidity issues and default on a P636-million loan from 2000.
STN lowered its debt by transferring idle machinery to creditors (dacion en pago) and converting some of its debt into equity.
It also satisfied the PSE’s minimum public float requirement by selling shares to three third-party investors.
STN shares were unchanged at P2.46 each on Tuesday. — Alexandria Grace C. Magno
