The Philippine Stock Exchange has announced the continued trading suspension of five publicly listed companies that have not complied with the reportorial requirements for the second quarter.
The five companies (and their respective trading symbols) are: Gotesco Land Inc. (GO); Marsteel Consolidated Inc. (MC); Metro Alliance Holdings & Equities Corp. (MAH); Picop Resources Inc. (PCP); and Primetown Property Group Inc. (PMT).
The PSE said these companies have not complied with the structured reportorial requirements and failed to submit their quarterly reports (SEC Form 17-Q) for the period ended June 30 on or before the deadline of Aug. 14 this year.
“The trading of the respective shares of the above-mentioned companies remains suspended until further notice. The exchange will inform the trading participants and the investing public of further developments on the matter,” the PSE said.
Another company, property developer Alphaland Corp., is also under stock trading suspension. The PSE has already initiated an involuntary delisting process on the company controlled by businessman Roberto Ongpin.
The PSE cited as grounds for delisting Alphaland’s “repeated failure to submit full, fair, accurate and timely disclosures of material information.” The PSE said these violations occurred in the course of the disclosure of the alleged “simulated” sale of Alphaland shares between Ashmore group and Credit Suisse (Singapore) Ltd., cases involving the company and its state of financial distress and its representation of its conduct of a stock rights offering, which the property firm later described as a “minority offering.”