Monday, August 10, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THE SECURITIES and Exchange Commission (SEC) has suspended the registration and permit to sell securities to the public of Lemery-based Fantasy World Theme Parks, Amusement and Recreation Club, Inc. for 60 days, for failing to comply with disclosure rules.
In an order posted on its Web site last week, the regulator said the theme park operator has been filing registration statements on a planned share offering that do not satisfy the commission’s non-financial disclosure requirements.
The SEC said it decided on the suspension after Fantasy World Theme Park’s repeated failure despite a considerable lapse of time and several extensions given to comply with rules.
The commission noted that the company originally submitted its registration statement in August 2007 and passed an amended but still deficient version on June 25.
The regulator warned the theme park operator that it risks the revocation of its licenses if it fails to comply with disclosure rules during its suspension.
Fantasy World Theme Parks operates Fantasy World Philippines, a member-only theme park and recreation club.
The company has said it plans to operate a country club, amusement theme park and water park for the exclusive use and benefit of its members, their families and guests. Those who would like to avail themselves of the company’s facilities would have to buy at least one proprietary share first. — D.G.K. Carreon