By Jenniffer B. Austria | Sep. 08, 2014 at 11:01pm [ manilastandardtoday.com ]
The Philippine Stock Exchange on Monday announced it is delisting Alphaland Corp., a high-end property developer owned by former trade minister Roberto Ongpin, for repeated failure to submit accurate and timely disclosures of material information.
Alphaland sources said the company’s lawyers were studying their options after the decision, including an appeal.
Ongpin has asked the PSE to exclude Alphaland president Mario Oreta and corporate secretary Rodolfo Ma. Ponferrada from the list of company’s officers to be penalized by PSE.
The PSE said it made the decision to delist Alphaland after a series of hearings, which gave Alphaland opportunities to explain its side and submit pertinent documents and position paper.
The delisting will take effect after the completion of a tender offer to Alphaland’s retail or non-strategic shareholders as of January 23, 2014.
The PSE required the tender offer to protect the minority shareholders and maintain a fair and orderly market. Alphaland has 60 days to complete the tender offer.
“The PSE observed due process in handling the case of Alphaland Corp. The decision was arrived at to ensure that we do not fail in our obligation as a regulator of listed companies and to safeguard the welfare of the investing public,” PSE president and chief executive Hans Sicat said.
Other penalties meted out by the PSE on Alphaland include the prohibition from applying for relisting within five years after its delisting date and the disqualification of Ongpin, Oreta and Ponferrada from becoming directors or executive officers in any company applying for listing with the exchange.
“Disclosure violations are serious violations not just against the exchange but more importantly to investors. Upholding market integrity is one of our primary mandates as an exchange and we assure the public that we will continue to carry out our rules and mete out the corresponding penalties for any such violations,” Sicat said.
The PSE initiated involuntary delisting proceedings on the property company in March following its violations of the disclosure rules.
The PSE said the violations occurred in the course of the disclosure of the alleged simulated sale of Alphaland shares between Ashmore Investment Management Limited/Alphaland Holdings (Singapore) Pte Ltd and Credit Suisse (Singapore) Ltd.