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Property firm suspended by SEC for failing to file reports

Posted on 09:26 PM, May 02, 2010 [ BusinessWorld Online ]

CORPORATE regulators have suspended a locally listed property firm’s registration and permit to sell securities because of its failure to submit financial statements.
In a memo dated April 29 and posted during the weekend, the Securities and Exchange Commission (SEC) said Primetown Property Group, Inc. cannot sell securities for 60 days from the date of the order. Primetown Property did not file its financial reports for 2008 and first to third quarters of last year, resulting a penalty of P154,100.
“Failure of the company to submit the required reports within the above-prescribed period shall be a ground for the commission to immediately initiate proceedings for the revocation of its Registration of Securities,” the SEC said.
The Philippine Stock Exchange first suspended trading of the firm’s shares in 2004.
Primetown Property built the Century Citadel Inn Makati in 1993. The year after, it opened the Makati Prime Century Tower. Expansion starting 1996 was disrupted by the Asian crisis of 1997 to 1998, resulting in financial difficulties for the firm.
The firm’s filings showed it was forced to enter into “various restructuring and dacion en pago arrangements with its creditors to reduce its debt,” downsize operations substantially to cut costs, and “suspend construction on all projects, except those already transferred to the banks.”
Shares in the firm were last traded on Dec. 9, 2004 at P0.33 apiece. -- N. J. C. Morales
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