Section 12 of Republic Act No. 9773 is hereby amended as follows: "SEC. 12. Dispersal of Ownership.
Section 5
SEC. 5. Section 12 of Republic Act No. 9773 is hereby amended as follows: "SEC. 12. Dispersal of Ownership. - In accordance with the constitutional provision to encourage public participation in public utilities, the grantee shall offer at least thirty per centum (30%) of its outstanding capital stock or a higher percentage that may hereafter be provided by law in any securities exchange in the Philippines within five (5) years from the renewal of its franchise: Provided, That in cases where public offer of shares is not applicable, the grantee shall apply other methods of encouraging public participation by citizens and corporations operating public utilities as allowed by law. Noncompliance therewith shall render the franchise ipso facto revoked."