Exceptions to the Track Record Requirements of the Primary Board

June 14, 1996PSE LISTING CIRCULAR NO. 212-96EXCEPTIONS TO THE TRACK RECORD REQUIREMENTS OF THE PRIMARY BOARDOn 23 May 1996, the Securities and Exchange Commission approved amendments to the provisions of item no. 4 of the Primary Board Listing Requirements provided under Chapter I, PSE Listing Rules. The revised rule provides for exceptions to the three-year track record rule. The revised rule states as follows:"General RuleThe applicant company shall have a proven track record of profitable operations for at least three (3) full fiscal years immediately prior to the application for listing with a cumulative consolidated pre-tax profit of at least P50 Million and a minimum pre-tax profit of P10 Million for each of those three (3) years. For purposes of this rule, pre-tax profit shall not include non-recurring and extraordinary income. The applicant company must be engaged in materially the same businesses and must have a proven track record of management throughout the last three (3) years prior to the filing of the application. aisadcExceptionsWithout prejudice to compliance with all the requirements set forth in...