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.
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