Trading suspension on tech firm lifted

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

In a memorandum yesterday, the PSE said IS had complied with the structured reportorial requirements and had paid the corresponding penalties imposed for delayed submission of the annual report for fiscal year ended October 2017. The suspension was lifted at 1:45 p.m. on 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 Co. 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 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 in 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 is the provision of information technology. —DORIS DUMLAO-ABADILLA