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Four firms warned of possible delisting

Vol. XXI, No. 215 [ Business World Online ]
Tuesday, June 3, 2008 | MANILA, PHILIPPINES

FOUR COMPANIES are in danger of being delisted over management’s failure to pay bourse maintenance fees, the Philippine Stock Exchange yesterday said.

In a memo posted on its website, the PSE said the rarely traded firms - Mondragon International Philippines, Inc., Primetown Property Group, Inc., Universal Rightfield Property Holdings, Inc., and Wise Holdings, Inc. - had failed to pay the annual listing maintenance fee (ALMF).

"Based on the rules of the exchange, listed companies may be delisted if they fail to settle their outstanding fees with the exchange," the memo read.

PSE investor relations head Joel Gaborni declined to disclose the amounts the companies owed as "we have yet to send formal letters."

Company representatives were not immediately available for comment. Miguel R. Manzano, Primetown Property president, said in a text message that "we will settle with PSE."

Mondragon International, which listed in September 1994, is a holding firm with business interests in the development of resort facilities and gaming. Its shares were last traded on March 2, 2004 at 10 centavos.


PSE

Wise Holdings, which listed in April 1986, operates through four business groups: trading, financial services, consumer banking and investments. Its A shares, limited to local investors, were last traded on July 3, 2002 at P1. Its B shares, open for all, were last traded on December 9,1998 at P3.

Primetown Property was incorporated as owner and developer of real estate properties that are mostly in Makati City. It went public in December 1995 but shares were last traded on March 4, 2003 at 37 centavos.

Listed on November 1993, Universal Rightfield is both holding firm and real estate developer. Its shares were last traded on May 15, 2003 at four centavos.

The PSE last December implemented a revised scheme for the ALMF, which it said should be paid on or before January 15 of each year with an allowable grace period of one week.

Listed companies belonging to the first and second board should pay 0.1% of its market capitalization, which in no case should be less than P250,000 or more than P2 million.

For companies in the small and medium enterprises board, they are to pay P100 for every P1 million market capitalization which in no case should be less than P50,000 or more than P250,000.

Listed companies that fail to comply will be assessed a fine of P1,000 for every calendar day of delay.

"If the company fails to remit the maintenance fee by February 15 of that same year, the Exchange shall discontinue assessing the company the fine but it shall automatically suspend the company from trading for two months or until April 15," the PSE rule states.

Continued failure to comply, the PSE said, means delisting.

The PSE said three companies had already been delisted due to failure to meet the ALMF requirement: Landoil Resources Corp., Nasipit Lumber Co., Inc., and San Carlos Milling Co., Inc.

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