[Federal Register Volume 59, Number 223 (Monday, November 21, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-28678]
[[Page Unknown]]
[Federal Register: November 21, 1994]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Philippine Long Distance Telephone Company, Common
Stock, P5 Par Value) File No. 1-3006
November 15, 1994.
Philippine Long Distance Telephone Company (``Company'') has filed
an application with the Securities and Exchange Commission
(``Commission''), pursuant to Section 12(d) of the Securities Exchange
Act of 1934 (``Act'') and Rule 12d2-2(d) promulgated thereunder, to
withdraw the above specified security (``Security'') from listing and
registration on the American Stock Exchange, Inc. (``Amex'').
The reasons alleged in the application for withdrawing the Security
from listing and registration include the following:
According to the Company, in addition to being listed on the Amex,
its American Depositary Receipts (the ``ADRs'') representing the
American Depositary Shares (the ``ADSs'') each representing one share
of Common Stock have been listed on the New York Stock Exchange, Inc.
(``NYSE'') and Pacific Stock Exchange, Inc. (``PSE''). The Company's
ADSs commenced trading on the NYSE and PSE at the opening of business
on October 19, 1994 and concurrently therewith the Common Stock was
suspended from trading on the Amex and PSE.
In making the decision to withdraw its common stock from listing on
the Amex, the Company considered the direct and indirect costs and
expenses attendant in maintaining the dual listing of its ADRs
representing ADSs on the NYSE and PSE and its common stock on the Amex
on the PSE. The Company does not see any particular advantage in the
dual trading of its stock and believes that dual listing would fragment
the market for the common stock and its ADRs.
Any interested person may, on or before December 6, 1994 submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether
the application has been made in accordance with the rules of the
exchanges and what terms, if any, should be imposed by the Commission
for the protection of investors. The Commission, based on the
information submitted to it, will issue an order granting the
application after the date mentioned above, unless the Commission
determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 94-28678 Filed 11-18-94; 8:45 am]
BILLING CODE 8010-01-M
