PSE suspends trading of 3 firms
MANILA, Philippines – The Philippine Stock Exchange (PSE) suspended trading on 3 erring publicly listed companies starting Tuesday, May 19, for their failure to submit structured reportorial requirements as required by the exchange.
The suspended companies are Asia Amalgamated Holdings Corp. (AAA), IP E-Game Ventures Inc. (EG), and LMG Chemicals Corp. (LMG).
PSE cited Section 17.8 of the revised disclosure rules, which provided that failure by the issuer to comply with the requirements of the exchange would result in the automatic suspension of shares for a maximum period of 3 months.
All 3 companies were suspended for their failure to submit their annual report, using Securities and Exchange Commission Form 17-A, for the year that ended December 31, 2014.
AAA and LMG share were last traded on May 15 closing at P1.63 ($0.037) per share and P2.50 ($0.056), respectively. IP-E Game was last traded on May 18 when it closed at P0.012 ($0.00027).
LMG, owned by businessman Antonio Garcia, is primarily engaged in chemical products trading.
AAA, the holding company of businessman Jimmy Gow, operates the non-retail and the non-commercial real estate operations of the Uniwide Group of Companies.
IP-E Game is owned by businessman Enrique Gonzalez and offers a portfolio of online games, including massively multiplayer online role-playing and casual online games.
In April, PSE also initiated delisting procedure against Marsteel Consolidated Inc., owned by the Martel family, due to repeated failure in submitting reportorial requirements, which is a violation of the disclosure rules of the exchange.
PSE said Marsteel failed to submit the annual reports for the years covering 2006 to 2014 and quarterly reports for the years covering 2007 to 2014. Its trading has been suspended since May 21, 2007, when it closed at P0.21 ($0.0047) per share, since it did not submit its annual report for the year ending December 31, 2006. – Rappler.com
$1 = P44.51