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Eton Properties suspension lifted

Posted on August 26, 2012 09:14:04 PM [ BusinessWorld Online ]

THE PHILIPPINE Stock Exchange (PSE) has allowed shares of Eton Properties Philippines, Inc. to be traded again starting tomorrow after the suspended developer submitted its overdue first-quarter financial report last week.

 “In view of [Eton Properties’] compliance with the structured reportorial requirements of the exchange, please be advised that the trading suspension on the company’s shares will be lifted on Tuesday, Aug. 28, at 9 a.m.,” a memorandum circular posted on the PSE’s Web site late Friday showed.

The financial report in question was submitted to the PSE on the same day, along with the corresponding penalty payments imposed for the delayed submission, the memorandum added.

Last May 28, the PSE halted the trading of Eton Properties’ shares following the company’s alleged failure to submit its annual report for the year ending December 2011 using the SEC Form 17-A, due last April 16.

While the company submitted its annual report early August, the trading suspension remained in place as Eton Properties then failed to submit its first-quarter financial report due May 15.

Eton Properties had claimed that glitches in the adoption of a fully automated accounting system -- particularly transactions covering over 30 property projects -- delayed the creation of its annual report, earlier reports showed.

PSE’s revised disclosure rules state that firms that fail to comply with the stock exchange’s reportorial rules shall be automatically suspended up to a maximum of three months. If an errant company has not complied after three months, the PSE shall commence procedures delisting the firm from the local bourse.

Eton Properties said that it will be submitting its future reports on time. -- F. J. G. de la Fuente      

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