Revised Manual of Rules Governing The Listing of Securities

June 1996REVISED MANUAL OF RULES GOVERNING THE LISTING OF SECURITIES(Listing Rules)June 1996 EditionPHILIPPINE STOCK EXCHANGEDEFINITION OF TERMSFor purposes of these Rules, unless the context provides otherwise, the following terms shall have the following definitions:AFFILIATEa person who directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with the person specified, through the ownership of voting shares by contract or otherwise.AFFILIATED CORPORATIONScorporations related to one another by common control of voting stock and operated as parts of a system or enterprise. digestAPPRAISALestimation of the value of property made by an appraiser.APPLICANTthe corporation whose securities are sought to be listed in the Exchange.AVERAGE PROFITSthe sum of the pre-tax profits of the subsidiary divided by the sum of the consolidated pre-tax profits of the parent company and its subsidiaries for the last two full fiscal years.BONDan unconditional promise in writing to pay the principal to the bearer or to the registered holder, at a designated date of maturity, and to pay interest at a specified rate periodically.BOOK VALUE PER SHAREthe...