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Sta. Lucia pays fine for disclosure flaws

Posted on September 26, 2012 09:52:30 PM [ BusinessWorld Online ]

PROPERTY DEVELOPER Sta. Lucia Land, Inc. has paid P407,000 in fines to the Securities and Exchange Commission (SEC) for violations of the regulator’s disclosure rules, the company told the Philippine Stock Exchange (PSE) yesterday.

“On Sept. 25, the registrant (Sta. Lucia) paid the amount of P407,000 to the SEC Corporate Finance Department (CFD), in settlement of penalties imposed by the CFD against the corporation in its letter dated Sept. 11,” the disclosure read.

The disclosure noted Sta. Lucia paid a P25,000 basic penalty for its failure to comply with required disclosures in its 2007 audited financial statements (AFS), as per Securities Regulation Code’s Implementing Rules and Regulations Rule 68.1. Rule 68.1 provides guidelines on financial statements, including periodic presentation and additional disclosure requirements, among other topics.

Sta. Lucia also paid an additional penalty of P382,000 (P500 per day for 764 days from Sept. 24, 2008 until Oct. 29, 2010) for the company’s failure to reply to the SEC Office of the General Accountant’s findings on its 2007 AFS.

“While the registrant respectfully disagrees with the imposition of the foregoing penalties, the registrant submits to the decision of SEC CFD,” Sta. Lucia added.

Sta. Lucia Land, formerly known as Zipporah Realty Holdings, Inc., was first incorporated in 1996, according to information on the PSE Web site.

The company’s current 10,000-hectare, 200-project portfolio consists of various horizontal and vertical properties nationwide and one shopping mall, with ongoing projects in Rizal, Cebu, and Davao provinces, the company’s end-June financial statement showed.

Sta. Lucia grew its net income by 13.13% to P338.91 million in the first half from P299.59 million the previous year, fueled by real estate sales and mall revenues.

Its shares gained one centavo or 1.49% to 68 centavos apiece yesterday from 67 centavos on Tuesday. -- F. J. G. de la Fuente    

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