THE Philippine Stock Exchange Inc. (PSE) is lifting the 17-year trading suspension of paper manufacturer Steniel Manufacturing Corp. effective Tuesday, April 30, following the company's compliance with bourse requirements.

Steniel, which was suspended from trading in 2006 after falling below the 20-percent minimum public ownership (MPO) requirement, has submitted its structured reportorial requirements, the PSE said in a notice on Monday.

"[T]he static threshold (trading band) on the price of Steniel shares will be lifted upon the resumption of trading of the company's shares on April 30, 2024," the bourse said.

The company in May 2006 went into default on a P636-million term loan secured from a group of banks and financial institutions in 2000.

It addressed its debt through restructuring, which included handing back idle machinery and spare parts as well as the conversion of debt to equity, which resulted in the issuance of about 123.8 million shares in favor of one of the creditors.

Steniel in 2011 submitted an initial request for the lifting of the trading suspension on the grounds that it had completed a debt restructuring agreement with its creditors.

Last year, the paper manufacturer managed to comply with the MPO rule after its major shareholders sold some shares to public buyers, resulting in the increase of its public float to 22.27 percent from 13.04 percent following the transaction.

Steniel shares last traded at 25 centavos apiece on July 5, 2006.