PSE moves to delist dormant Uniwide Holdings

MANILA, Philippines – The Philippine Stock Exchange (PSE) has initiated involuntary delisting procedures against dormant Uniwide Holdings Incorporated, a company of businessman Jimmy Gow, due to continued violation of the disclosure rules of the exchange.

PSE said in a notice posted on its website that Uniwide has failed to submit reportorial requirements, including the filing of annual reports for years ended 2013 to 2015, as well as quarterly reports for years ended 2014 to 2016.

PSE said Uniwide Holdings was late in submitting other reports pertaining to foreign ownership, top 100 stockholders, public ownership, as well as unstructured reportorial requirements for the revised disclosure rules in relation to the legal proceedings involving the company and changes in its principal officer.

Likewise, the local bourse said the Securities and Exchange Commission (SEC) has affirmed the dissolution and liquidation of assets of all of the companies in the Uniwide Group including Uniwide Holdings way back in 2013.

Under the exchange’s rules on delisting, the non-submission of reportorial requirements of the exchange, failure to timely file adequate and non-accurate disclosures, as well as dissolution of the company and liquidation of its assets, are grounds for initiation of involuntary delisting proceedings on a listed company.

The PSE said it will still give Uniwide Holdings 15 days from the receipt of the exchange’s notice to submit a written request for a hearing.

“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,” PSE said.

Shares of Uniwide Holdings were last traded on January 18, 2010 when it closed as P0.130 per share.

Uniwide Holding started operations in 1995 as a holding company for real estate interest and the franchisor of Uniwide Sales Incorporated and Uniwide Sales Warehouse Club Incorporated – both of which are primarily owned by the Gow family.

In 1998, Uniwide Group of Companies, including Uniwide Holdings, filed for corporate rehabilitation with the regulator as liabilities ballooned to over P11 billion.

Affecting the company’s operations were decreasing sales, weak collection of receivables, high interest payments and rising debts because of its aggressive expansion into real estate development.

PSE earlier delisted Masteel Consolidated Incorporated owned by the Martel family and Gotesco Land also due to disclosure violations. – Rappler.com