Posted on 10:28 PM, July 07, 2010 [ BusinessWorld Online ]
CORPORATE regulators have suspended the registration papers of a theme park for failing to comply with a number of requirements.
In an order dated July 6, the Securities and Exchange Commission (SEC) said: “[KidzWorld Theme Parks Amusement and Recreational Club, Inc.’s] registration of securities and permit to sell securities are hereby suspended for a period of 60 days from receipt of this order.”
“Records on file with the SEC show the continued failure of the company to pay for the penalties due [after] notice and hearing,” the agency added.
KidzWorld is part of the leisure business of the Ponce group of companies headed by Vicente C. Ponce. The SEC said the company had failed to pay P3.083 million in penalties due to its failure to amend its registration statement prior to an increase in the offering price of its membership certificates. KidzWorld was also late in filing its 2008 annual report, costing P191,000 in fines.
Company officials were not available for comment yesterday.
Failure to pay the penalties and file an amended registration statement within the 60-day period will force the SEC to revoke the firm’s license.
KidzWorld owns and operates the nature and water park Batanes Cove, hotel and country club Batanes Spa and Lodge, and “edutainment” and adventure resort club KidzWorld in Cavite. -- N. J. C. Morales
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