PSE suspends Ever-Gotesco stock trading

Rappler.com
The stock exchange's move comes after SEC suspended Ever Gotesco's corporate permits due to failure to hold annual stockholders meeting

MANILA, Philippines – The Philippine Stock Exchange (PSE) has suspended the trading of the shares of shopping mall developer Ever-Gotesco Resources and Holdings Inc, after the Securities and Exchange Commission (SEC) ordered the suspension of the company’s registration of securities and permit to sell securities.

In a memorandum, PSE said the trading suspension takes effect Friday, July 5.

In May, the SEC en banc issued the suspension order against Ever-Gotesco for not holding an annual stockholders meeting in 2012, the 4th year it committed this violation.

“Pursuant to the resolution of the commission in its meeting on 16 May 2013, the company’s registration of securities and permit to sell securities are hereby suspended for a period of 60 days from the date
of receipt of this order,” SEC said.

Shares of Ever-Gotesco were last traded on Wednesday July 3, when it closed at P0.232 per share.

Ever-Gotesco was incorporated in September 1994 as a holding company. It is engaged in building shopping malls and leasing them out to commercial tenants, including Ever Department Store and Supermarket, cinemas, banks, amusement centers, food shops, specialty stores, boutiques, drug stores, and services shops.

It currently operates two malls, namely Ever-Gotesco Commonwealth Center in Quezon City and Ever-Gotesco Manila Plaza.

The company’s subsidiary Gotesco Tyan Ming Development is engaged in real estate business and owns and operates the Ever-Gotesco Ortigas complex.

In 2009, Ever-Gotesco and Gotesco Tyan entered into a compromise agreement with creditor banks, Philippine National Bank, Development Bank of the Philippines and Security Bank, regarding its foreclosed properties.

In first quarter 2013, Ever-Gotesco reported a net income of P32.55 million, up 141% from P19.04 million a year ago. Revenues were flat at P87.7 million. – Rappler.com

 

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