Trading of BHI shares not suspended

MANILA, Philippines – Trading of Boulevard Holdings Inc. (BHI) shares was not suspended as reported in the Inquirer last Saturday, a non-trading day.

BHI was spared from being suspended after the company’s last-minute compliance with the bourse’s disclosure requirements.

The Philippine Stock Exchange had issued earlier last week a circular warning BHI that trading of its shares would be suspended starting last Friday if it failed to submit its annual report for the fiscal year ending March. On Friday, BHI was able to file its report, prompting the PSE to recall its suspension order. The PSE likewise said the Panlilio-led firm settled the corresponding penalties that came with its delayed submission.

“In view of the company’s compliance with the structured reportorial requirements under the rules, the trading of the company’s shares will not be suspended,” BHI said.

BHI officials noted that trading of its shares “was never suspended and never will be.”

The company’s annual report said it posted a profit of P8.42 million for the year ending March, from the previous year’s P4.43 million due mainly to cost-saving measures that offset lower revenues from its hotel operations.

BHI was the third top gainer on the local market on Friday, it’s share price jumping 15 percent to close at 0.224 apiece, with about 479 million shares worth P107 million changing hands. This was still below its one-year high of 53 centavos.

BHI shares plummeted earlier last week after the company announced its failure to close a potential deal with South Korea’s Resom Resorts for the redevelopment of the former’s property in Puerto Azul.