The Securities and Exchange Commission has stripped mall developer Ever-Gotesco Resources & Holdings Inc. of its registration and permit to sell securities, thus causing the suspension of trading of its shares at the Philippine Stock Exchange.
In a memorandum, the PSE noted the SEC’s issuance of an order of suspension for violating for the fourth time the Securities Regulation Code requirement to hold annual stockholders meetings.
In 2012, Ever Gotesco has failed to conduct its annual stockholders meeting for the fourth time despite being a publicly listed company.
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 Gotesco starting Friday “until further notice.”
Ever Gotesco, 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 Gotesco and Gotesco Tyan entered into a compromise agreement with creditor banks of its foreclosed properties with pending court cases.