MANILA, Philippines — The Philippine Stock Exchange indefinitely suspended trading on Beloy family-led Abra Mining and Industrial Corp. starting Friday for violating the rules on the listing and trading of fully-paid shares.
Citing a report from the Philippine Depository & Trust Corp. (PDTC), the PSE noted that the number of Abra Mining’s fully paid issued and outstanding shares exceeded the number of its listed shares. The PSE requires that all fully paid issued and outstanding shares should be applied for listing.
The bourse also noted that the number of Abra Mining shares lodged with PDTC exceeded the number of its listed shares, in violation of a PSE rule that only securities approved for listing should be lodged with PDTC for trading.
Furthermore, the PSE noted that a number of Abra Mining’s shares lodged with PDTC exceeded the number of issued and outstanding shares as contained in the Company’s audited financial statements. This meant that “shares which are not yet reflected in the books of the company have been lodged with PDTC and are being traded, in contravention of the provisions of the Revised Corporation Code,” the PSE said.
In close coordination with the Securities and Exchange Commission, the PSE thus decided to suspend the trading of Abra Mining shares until these matters were satisfactorily resolved by company directors, officers, corporate secretary, and its stock and transfer agent, Asian Transfer & Registry Corp.
“This is pursuant to the Exchange’s mandate and objective to provide a fair, orderly, efficient and transparent market for the trading of securities and for the protection of the investing public, consistent with the provisions of the listing agreement and the consolidated listing and disclosure rules,” the PSE said.