Posted on August 05, 2012 09:53:53 PM
[ BusinessWorld Online ]
TRADING OF Eton Properties
Philippines, Inc. shares remain suspended even as it has submitted its overdue
2011 annual report, this time as it has yet to disclose results for the first
quarter.
“As of [Aug. 3], the company has not
yet submitted its quarterly report, using SEC (Securities and Exchange
Commission) Form 17-Q, for the period ended March 31. The trading of Eton
Properties’ shares shall remain suspended pending compliance by the company
with the structured reportorial requirements of the exchange,” a memorandum circular
posted on the Philippine Stock Exchange (PSE) Web site on Friday showed.
The latest report was due last May 15,
according to PSE rules.
Eton Properties was not immediately
available for comment over the weekend.
PSE’s Revised Disclosure Rules state that
firms which fail to comply with the stock exchange’s reportorial rules shall be
automatically suspended up to a maximum of three months.
If an errant company has not complied
after three months, the PSE shall commence procedures to delist the firm from
the local bourse.
On top of this, Eton Properties
currently falls below the minimum 10% public float level required by the
bourse.
The PSE did say, however, that Eton
Properties has already submitted its 2011 annual report, which was the cause of
the company’s suspension in the first place: “Eton Properties has submitted its
annual report for the year ended Dec. 31, 2011. The company’s financial report
is available for downloading at the PSE Web site on [Eton Properties’] company
information page,” the memorandum circular added.
Last May 28, the PSE halted the
trading of Eton Properties’ shares following the company’s alleged failure to
submit its annual report for the year ending Dec. 2011 using the SEC Form 17-A,
due last April 16.
Eton Properties had claimed that
glitches in the adoption of a fully automated accounting system -- particularly
transactions covering over 30 property projects -- delayed the creation of its
annual report, earlier reports showed.
Eton Properties, owned by business
tycoon Lucio C. Tan, was incorporated in 1971 to engage in oil exploration and
mineral development projects under the name Balabac Oil Exploration &
Drilling Co., Inc.
It eventually changed its primary
purpose to a holding company, with real estate and oil exploration as among its
secondary purposes.
For 2011, the company aimed to surpass
the P288 million full-year net income it booked in 2010 and aims to deliver
2,351 residential units in 2012.
Eton Properties has so far moved to
grow its market base from its typical upscale clientele after it acquired an
86,576-square meter Quezon City lot for a middle-income residential
development. Shares of Eton Properties were last traded on May 16 at P3.53
apiece. -- F. J. G. de la Fuente
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