IS shares trading resumes

The Philippine Stock Exchange yesterday lifted the trading suspension on technology firm Island Information & Technology Inc. (IS) following the company’s compliance to reportorial requirements.

Trading of IS shares was suspended about a month ago due to failure to submit its annual report. Trading was again suspended on Monday for noncompliance to the quarterly reportorial obligation.

In this case, IS again failed to timely submit its quarterly report, using SEC Form 17-Q, for the period that ended Jan. 31, 2018.

But the PSE said IS had now complied with the structured reportorial requirements of the exchange and paid the corresponding penalties imposed for delayed submission of the January 2018 quarterly report.

As such, the suspension on the trading of IS shares was lifted at 9 a.m. on April 3.

Failure to comply with the structured quarterly reportorial requirements of the local bourse results in the automatic suspension of the trading of shares for a maximum period of two months.

IS was incorporated in 1959 as Island Oil Co. to engage in oil exploration and mineral development projects. Due to losses, the management decided to shift its oil exploration activities to metal mining in Isabela, changing its name to Island Mining & Industrial Corp. in 1965. In 1981, its operations were suspended.

In 2000, it changed its corporate name to its present name and its primary purpose to information technology. In 2005, the SEC approved another amendment to its articles of incorporation, particularly its primary and secondary purposes. —DORIS DUMLAO-ABADILLA