By Richmond Mercurio (The Philippine Star) | Updated September 11, 2014 - 12:00am
MANILA, Philippines - Upscale property developer Alphaland Corp. is not going to give up its listed status in the local bourse the easy way.
In a statement, Alphaland chief executive officer Roberto V. Ongpin said the property firm would be willing to fight the Philippine Stock Exchange’s delisting order up to the Supreme Court, if needed.
“Alphaland intends to move for reconsideration of the PSE decision. If the PSE does not reconsider, Alphaland will appeal to the Securities and Exchange Commission. Beyond the SEC, Alphaland will further elevate it to the courts (first by appealing to the Court of Appeals and then, if necessary, to the Supreme Court),” Ongpin said.
Ongpin stressed that the PSE decision is not final and executory and is still subject to the appeal process.
On Monday, the PSE came out with a decision to kick out Alphaland from its roster of listed companies to serve as penalty for violating disclosure requirements.
On top of the delisting punishment, Alphaland has also been banned to apply for relisting within five years after its delisting date.
Its officials such as Ongpin, company president Mario Oreta and corporate secretary Rodolfo Ma. Ponferrada have also been disqualified “from becoming directors and executive officers in any company applying for listing with the PSE.”
Ongpin said PSE’s decision has had no impact of any kind on Alphaland’s operations, and will continue to do so while the company is undergoing the appeal process.
“In fact, trading in Alphaland shares has been suspended by the PSE since Jan. 20, 2014 and for the eight months that the company has been in this situation, it has just proceeded with its business and has completed, and is in the process of completing, its various projects,” Ongpin said.
Among such projects which operations will continue to run “as usual” include Alphaland’s membership clubs, such as The City Club at Alphaland Makati Place and Alphaland Balesin Island Club.
Ongpin said the agreement signed on June 5 between the Aland Singapore Group and the RVO Group will likewise proceed.