By Jenniffer
B. Austria | Posted on Jul. 06, 2013 at 12:01am
[
manilastandardtoday.com ]
The
Philippine Stock Exchange on Friday suspended the trading of shopping mall
developer Ever-Gotesco Resources and Holdings Inc.
The PSE said
in a memorandum it implemented the trading suspension on Ever-Gotesco starting
Friday, after the Securities and Exchange Commission ordered the suspension of
the company’s registration of securities and permit to sell securities.
The SEC en
banc in May issued the suspension order against Ever-Gotesco for not holding
the annual stockholders meeting in 2012. This was the fourth time the company
committed such violation, it said.
“Pursuant to
the resolution of the commission in its meeting on 16 May 2013, the company’s
registration of securities and permit to sell securities are hereby suspended
for a period of 60 days from the date of receipt of this order,” the SEC said.
Shares of
Ever-Gotesco were last traded on July 3, when it closed at P0.232 per
share. Ever-Gotesco, which was
incorporated in September 1994 as a holding company, is engaged in building
shopping malls and leasing them out to commercial tenants.
The malls are
primarily leased out to Ever Department Store and Supermarket, cinemas, banks,
amusement centers, food shops, specialty stores, boutiques, drug stores, and
services shops.
The company
operates two malls including the Ever-Gotesco Commonwealth Center in Quezon
City and Ever-Gotesco Manila Plaza.
The company’s
unit Gotesco Tyan Ming Development is engaged in real estate business and owns
and operates the Ever-Gotesco Ortigas complex.
Ever-Gotesco
and Gotesco Tyan entered into a compromise agreement with creditor banks Philippine National Bank, Development Bank of
the Philippines and Security Bank in 2009 over its foreclosed properties.
Ever-Gotesco
posted a net income of P32.55 million in the first quarter, up 141 percent from
P19.04 million a year ago. Revenues were
flat at P87.7 million.
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