MANILA—The Securities and Exchange Commission has stripped mall developer Ever-Gotesco Resources & Holdings Inc. (Ever) of its registration and permit to sell securities, leading to the suspension of trading in its shares of stock on the Philippine Stock Exchange.
In a memorandum, the PSE noted the SEC’s issuance of order of suspension for violation of the requirement of the Securities Regulation Code for failing for a fourth time to hold an annual stockholders meeting.
Ever failed to conduct its annual stockholders meeting despite being a publicly listed company for a fourth time in 2012.
The SEC thus ruled that the registration of securities and permit to sell securities have been suspended for a period of 60 days.
For its part, the PSE implemented a trading suspension on Ever starting Friday “until further notice.”
Ever, led by the family of Jose Go, is engaged in building shopping malls and leasing them out to commercial tenants. It operates two malls, namely, the Ever Gotesco Commonwealth Center and the Ever Gotesco Manila Plaza. Its subsidiary, Gotesco Tyan Ming Development, Inc. is engaged in the real estate business, and owns and operates the Ever Gotesco Ortigas Complex.
In 2009, Ever and Gotesco Tyan entered into a compromise agreement with creditor banks of its foreclosed properties pending court cases.