MANILA, Philippines – Alphaland Corporation will be delisted from the stock exchange.
The Philippine Stock Exchange (PSE) on Monday, September 8, issued a resolution, delisting the Roberto Ongpin-led company for repeated violations of disclosure rules.
The PSE also barred the company “from applying for relisting within a period of 5 years from the effective date of delisting.”
It also disqualified Alphaland officials – its CEO Ongpin, president Mario Oreta and corporate secretary Rodolfo Ponferrada – from “becoming directors and/or executive officers in any company applying for listing with the exchange.”
Ongpin, who is in Europe, maintained his position that Alphaland disclosures did not violate rules and were not intended to prejudice the public in any way.
He appealed for the reversal of the penalty imposed against Ponferrada and Oreta, calling it a “serious injustice.”
“I directed Mr. Ponferrada to follow my explicit instructions in regard to the disclosures in question. He simply implemented them as an officer of Alphaland. As far as Mr. Oreta is concerned, I categorically state that he had nothing to do with all the disclosures in question,” he said in a letter addressed to PSE chairman Jose Pardo.
Alphaland sources said the company’s lawyers are now studying options, including the filing of a motion for reconsideration.
The PSE said the decision to delist Alphaland was made after a series of hearings, as provided under the Involuntary Delisting Procedures of the exchange. The hearings gave Alphaland opportunities to explain its side and submit pertinent documents and its position paper.
The delisting will take effect after the completion of a tender offer to Alphaland’s retail or non-strategic shareholders as of January 23, 2014.
The tender offer is required by the PSE in consideration of the minority shareholders and for the maintenance of a fair and orderly market. The company has 60 days to complete the tender offer.
“The PSE observed due process in handling the case of Alphaland Corporation. The decision was arrived at to ensure that we do not fail in our obligation as a regulator of listed companies and to safeguard the welfare of the investing public,” PSE president and chief executive Hans Sicat said.
“Disclosure violations are serious violations not just against the Exchange but more importantly to investors. Upholding market integrity is one of our primary mandates as an Exchange and we assure the public that we will continue to carry out our rules and mete out the corresponding penalties for any such violations,” Sicat added.
The PSE initiated involuntary delisting proceedings against the property firm in March. It cited as grounds Alphaland’s repeated failure to submit full, fair, accurate and timely disclosures of material information.
The PSE said these violations occurred in the course of Alphaland’s disclosures of the alleged simulated sale of Alphaland shares between Ashmore Investment Management Limited/Alphaland Holdings (Singapore) Pte Ltd and Credit Suisse (Singapore) Ltd. (READ: Ongpin vs Ashmore: The real deal)
Trading in Alphaland has been suspended since January 20, 2014. The stock was last traded on January 19, when it closed at P17.48 per share. – Rappler.com