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
_________________________________________________________
