MANILA, Philippines – Listed firm Sta. Lucia Land Inc. was fined by the securities regulator for late filing of reportorial requirements.
The Securities and Exchange Commission (SEC) slapped the company with a P230,000 fine for failing to meet for the third time the deadline for filing its 2012 annual financial report.
“Reporting companies are required to timely comply with the requirements of the Securities Regulation Code and its implementing rules and regulations,” SEC told Sta. Lucia in a letter.
“Considering that it is already the company’s third violation of the rule, it is hereby assessed a penalty of P230,000 payable to the SEC within 5 days from receipt of this letter,” SEC added.
Sta. Lucia appealed the fine.
It explained, “the belated filing of the corporation’s annual report with the SEC was due to a misreading of the SEC Memorandum Circular 07 Series 2012, which set a different schedule of filing the annual financial statements depending on the last digit numerical digit of a corporation’s SEC registration or license number.”
Sta. Lucia, formerly Zipporah Realty Holdings Inc., is a real estate firm engaged in the development of residential as well as shopping mall projects in Rizal.
In April, the company announced plans to raise as much as P9 billion through share and bond sales to finance its expansion program.
The company is looking for strategic partners for properties located in Davao City, and Taytay and Cainta in Rizal.
It is also planning to acquire parcels of land in Taytay and Lipa, Batangas. – Rappler.com