Posted on September 20, 2015 09:25:00 PM [ BusinessWorld Online ]
THE PHILIPPINE Stock Exchange (PSE) has started the proceedings to remove Gotesco Land, Inc. from the exchange, citing repeated violations of disclosure rules.
“Pursuant to the Exchange’s Rules on Delisting, the Exchange has initiated involuntary delisting proceeding on Gotesco Land, Inc.,” the local bourse said in a notice on its Web site last Friday.
Gotesco Land was said to have failed to submit several structured reportorial requirements since 2010 in violation of the bourse’s Revised Disclosure Rules and Amended Rule on Minimum Public Ownership.
Trading of its shares has been suspended since May 16, 2008 due to non-submission of its 2007 annual report. It was last traded at 14 centavos apiece.
Subsequently, the Securities and Exchange Commission (SEC) issued on Dec. 16, 2008 an order suspending the company’s registration of securities and certificate of permit to sell securities.
Thereafter, the corporate regulator revoked on May 25, 2009 the company’s securities registration for failure to comply with the directives contained in the suspension order.
Based on Gotesco Land’s latest available financial statements, the company has posted capital deficiencies or negative balances in its stockholders’ equity for the fiscal years 2007, 2008 and 2009.
The bourse said Gotesco Land was entitled to a hearing upon submission of a written request within 15 working days from receipt of the PSE decision. “Should the company decide not to or fail to request for a hearing within the specified period, the exchange shall decide the case solely on the basis of the records on hand,” it added.
Gotesco Land is the ninth company to be delisted since 2011. -- K.A.M. Montealegre