Firms to submit financial reports after PSE suspension threat

Several listed companies vowed to submit the required financial reports after the Philippine Stock Exchange (PSE) warned 11 firms their shares would be suspended from trading beginning June 1 this year.

According to the PSE, the companies failed to submit their 2021 annual reports and quarterly reports covering the first three months of 2022. The documents, originally due last May 16, were critical filings to help guide the decisions of the investing public.

The firms were 8990 Holdings Inc., AbaCore Capital Holdings Inc., Araneta Properties Inc., Basic Energy Corp., Century Peak Holdings Corp., DITO CME Holdings Corp., Leisure and Resorts World Corp., Medilines Distributors Inc., Philippine Business Bank, TKC Metals Corp. and Vantage Equities Inc.

AbaCore was the only company to come out with a public disclosure stating plans to submit the required financial documents before the June 1 deadline of the PSE.

In a letter to the PSE, Albacore corporate secretary Vicente Rosales said they were finalizing the reports and would submit these before May 31 this year.

Reportorial delays

Rosales also said there were delays on the part of its auditor apart from the “inevitable and necessary reorganization of management and the board due to circumstances beyond our control.”

Last May 5, AbaCore announced the death of its CEO and director Regina Reyes Mandanas.

DITO CME, the holding company of Davao-based tycoon Dennis Uy’s telecommunications and media assets, would also comply to avoid the trading suspension.

DITO CME president Ernest Alberto told the Inquirer the company’s finance team was working to meet the deadline.

Philippine Business Bank owner Alfredo Yao said in a separate message the delay was caused by a “systems change” and they would submit before June 1. Willy Ocier, director of Leisure and Resorts World, said they would comply with the PSE’s requirements.