by Jenniffer B. Austria
[ manilastandardtoday.com ] September 18-19, 2010
The Securities and Exchange Commission has revoked the license of listed Primetown Property Group Inc. to sell securities after failing to file reportorial requirements.
The SEC denied the company’s request for additional time to file the reportorial requirements as required under the Securities Regulation Code. It said Primetown now is prohibited from selling and offering its securities to the public.
SEC records show that Primetown did not file its 2008 and 2009 annual reports and quarterly reports in 2009. It also failed to submit its 2010 first quarter financial report and did not pay the corresponding fines.
Primetown, through its court-appointed rehabilitation received, earlier requested an extension from the SEC to give external auditors the opportunity to complete the audit of the company’s 2008 and 2009 books and comply with the directives of the suspension order.
The SEC said the revocation order did not exempt the company from complying with its reportorial obligations as provided under the regulation code.
Primetown was incorporated on May 16, 1989 as an owner and developer of real estate properties. Its first project was the Century Citadel Inn Makati, which was completed in 1993. The success of the maiden project led the company to launch another condotel 1994, the Makati Prime Century Tower.
Primetown went into a rapid expansion mode in 1996, launching several big projects until the Asian financial crisis in 1997.
Primetown agreed on various restructuring and dacion en pago arrangements with creditors to reduce debt, downsize operations to cut costs and suspend construction of all projects, except those already transferred to the banks, to conserve cash. The company suspended contracting of new sales and collection of receivables from projects pending the resumption of construction activities.
Primetown has focused on a recapitalization program to build up its capital base after incurring deficiencies. The program consists of inviting principal shareholders and prospective strategic investors to participate in the retirement or settlement of the company’s obligations to the banks and buyers in uncompleted projects.
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