Vol. XXII, No. 50-A [ BusinessWorld Online ]
Saturday, October 4, 2008 | MANILA, PHILIPPINES
Shares of listed ATN Holdings, Inc. will not be traded on the stock exchange for a month after it was caught violating disclosure rules.
In a memorandum posted on its Web site, the Philippine Stock Exchange (PSE) said ATN Holdings had failed to clarify transactions made by its directors, in violation of revised disclosure rules.
"In view thereof, the trading of ATN Holdings shares will be suspended for one month effective [October 7]," it said.
In a phone interview, disclosure analyst Kristina S. Wy said the company had repeatedly violated the rules by failing to disclose to the exchange transactions from Jan. 7 to June 30.
"Under the disclosure rule, the company must disclose to the exchange the direct and indirect ownership of its directors and principal officers within five trading days," Ms. Wy said.
She added that it was only in August that the company had decided to answer the PSE queries.
"The trading suspension will be automatically lifted after one month [on Nov. 7)," Ms. Wy said.
ATN is a holding company that invests in real estate and stocks. It owns several units of office condominium at the Summit One Tower in Mandaluyong City, which it sells or rents out.
ATN’s subsidiaries are Palladian Land Development Inc., Advanced Home Concept Development Corp. and Managed Care Philippines, Inc. (MCPI). In 2006, ATN set up a surgical center on the ground floor of the Summit One
Tower under the umbrella of its subsidiary, MCPI. The surgical center featured an X-ray room, 14 surgery, 20 consultation and 14 recovery rooms. — Kristine Jane R. Liu
