one of the malls lost by defunct detailer Uniwide
The Philippine Stock Exchange has directed the delisting of defunct retailer Uniwide Holdings Inc. from its roster of publicly-listed companies on Oct. 26 this year.
The local bourse initiated the involuntary delisting of Uniwide last February, citing the defunct retailer’s dissolution and continuing violation of disclosure rules.
In a memorandum issued by PSE president Ramon Monzon on Friday, it was stated that the PSE had finalized its decision to delist the company.
Monzon also announced the “imposition of the concommittant penalties under the Exchange’s delisting rules.”
The involuntary delisting proceedings were initiated by the PSE against Uniwide due to a number of violations, such as failure to submit structured reportorial requirements, particularly annual reports from 2013 to 2015 as well as first to third quarterly reports for the years ended 2014 to 2016.
Uniwide had also failed to submit on time the reports on the number of shareholders in 2014 and 2015, foreign ownership reports in 2014 and 2015, top 100 stockholders report in 2014 and public ownership report in 2014.
The PSE also cited the Securities and Exchange Commission (SEC)’s order for the dissolution and liquidation of assets of all companies in the Uniwide group.
Trading on shares of Uniwide had been suspended since Jan. 18, 2010. About 50.8 percent of its shares are held by the public.