The Philippine Stock Exchange (PSE) has ordered the involuntary delisting of dormant holding firm Marsteel Consolidated Inc. effective Aug. 15 this year.
In a circular posted on July 16, the PSE said a decision had been made to strike out Marsteel from its official registry as well as to impose penalties under its delisting rules following a series of non-compliance with reportorial requirements.
The PSE initiated the involuntary delisting of Marsteel last April 30, citing continuing violations of the revised disclosure rules.
Based on records of the exchange, Marsteel failed to submit structured reportorial requirements such as annual reports for the years 2006 to 2014 as well as the first to third quarterly reports for the years 2007 to 2014.
The local bourse already suspended the trading of Marsteel shares on May 21, 2007, due to the non-submission of its annual report for the year 2006. Subsequently,the Securities and Exchange Commission (SEC) issued in 2008 an order of suspension on the trading of the shares due to nonsubmission of the 2006 annual report, first to third quarterly reports in 2007 and other reportorial requirements.
In 2009, the SEC also revoked Marsteel’s registration of securities and permit to sell securities, citing continued nonsubmission of structured reportorial requirements.
Under the PSE’s delisting rules, the nonsubmission of reportorial requirements and the revocation of securities registration are among the grounds for the involuntary delisting of a listed company and, when applicable, the imposition of a relisting prohibition. Doris Dumlao-Abadilla