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PSE suspends Gotesco trading

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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