[Last updated: 1 January 2025, unless otherwise noted]

Under the Delisting Rules, a listed company that has failed to comply with the minimum public ownership rule, or which engages in operations which are contrary to the public interest, among others, shall be considered for delisting. The procedure for involuntary delisting (on grounds other than non-compliance with the minimum public ownership requirement) is set forth in Supplemental Rule 8 of the Delisting Rules. Generally speaking, delisting may be ordered by the PSE after notice and hearing on the grounds for delisting.

Listed companies are likewise permitted to apply for voluntary delisting of their securities with the PSE, subject to compliance with the conditions under the Delisting Rules. Generally, the procedure for voluntary delisting begins with the filing of the petition for delisting with the PSE. However, action on the petition will be held in abeyance until such time that the company (or the persons seeking the delisting) is able to demonstrate compliance with all of the other conditions for voluntary delisting, in particular, the conduct and completion of the tender offer to all shareholders of record of the company as required under the Delisting Rules.

If after evaluation of the petition and the required documents, the PSE finds that the delisting will not prejudice the interests of investors, the PSE shall issue an order for delisting upon payment by the company of a voluntary delisting fee equivalent to its annual listing maintenance fee for the year when the application for delisting was filed.