Trading suspension on IS lifted

The old PSE trading floor in Ayala AFP PHOTO / Jay DIRECTO

The Philippine Stock Exchange lifted the trading suspension on technology firm Island Information & Technology Inc. (IS), which has now complied with the reportorial requirement and paid corresponding penalties.

In a memorandum on Friday, the PSE said IS had complied with the structured reportorial requirements of the Exchange and has paid the corresponding penalties imposed for delayed submission of the annual report for fiscal year ended October 2017.

The suspension on the trading of IS shares was lifted on 1:45 PM on Friday, March 2.

In this case, IS failed to submit its annual report for fiscal year ended Oct. 31, 2017 before the Feb. 13, 2018 deadline.

IS was originally incorporated in 1959 as Island Oil Co. to primarily engage in oil exploration and mineral development projects. Due to losses incurred, the management decided to shift its oil exploration activities to metal mining in the province of Isabela, thus changing its name from Island Oil Company to Island Mining & Industrial Corp. in 1965. The increasing costs of operations, fluctuating price of metals in the world market and deteriorating peace and order situation severely affected the mining operations of IS, prompting its management to suspend its operations in 1981.

In 2000, the Securities and Exchange Commission (SEC) approved another change in its corporate name to its present name, alongside the change in its primary purpose to information technology. In 2005, the SEC approved another amendment its articles of incorporation, particularly its primary and secondary purposes. The new primary purpose of IS is to provide cargo container management and integrated logistics services. Its secondary purpose on the other hand, is the provision of information technology services.

In 2014, the company entered into a memorandum of understanding (MOU) with a potential investor to assess the feasibility of entering into a merger, consolidation, purchase or exchange of shares, but the MOU lapsed in February 2015 without coming to a binding agreement.