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Eton shares remain suspended at PSE

Posted on August 05, 2012 09:53:53 PM [ BusinessWorld Online ]

TRADING OF Eton Properties Philippines, Inc. shares remain suspended even as it has submitted its overdue 2011 annual report, this time as it has yet to disclose results for the first quarter.

“As of [Aug. 3], the company has not yet submitted its quarterly report, using SEC (Securities and Exchange Commission) Form 17-Q, for the period ended March 31. The trading of Eton Properties’ shares shall remain suspended pending compliance by the company with the structured reportorial requirements of the exchange,” a memorandum circular posted on the Philippine Stock Exchange (PSE) Web site on Friday showed.

The latest report was due last May 15, according to PSE rules.

Eton Properties was not immediately available for comment over the weekend.

PSE’s Revised Disclosure Rules state that firms which 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 to delist the firm from the local bourse.
On top of this, Eton Properties currently falls below the minimum 10% public float level required by the bourse.

The PSE did say, however, that Eton Properties has already submitted its 2011 annual report, which was the cause of the company’s suspension in the first place: “Eton Properties has submitted its annual report for the year ended Dec. 31, 2011. The company’s financial report is available for downloading at the PSE Web site on [Eton Properties’] company information page,” the memorandum circular 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 Dec. 2011 using the SEC Form 17-A, due last April 16.
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.

Eton Properties, owned by business tycoon Lucio C. Tan, was incorporated in 1971 to engage in oil exploration and mineral development projects under the name Balabac Oil Exploration & Drilling Co., Inc.

It eventually changed its primary purpose to a holding company, with real estate and oil exploration as among its secondary purposes.

For 2011, the company aimed to surpass the P288 million full-year net income it booked in 2010 and aims to deliver 2,351 residential units in 2012.

Eton Properties has so far moved to grow its market base from its typical upscale clientele after it acquired an 86,576-square meter Quezon City lot for a middle-income residential development. Shares of Eton Properties were last traded on May 16 at P3.53 apiece. -- F. J. G. de la Fuente        
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