More firms face PSE sanctions

Nine more companies face the threat of a trading suspension in their shares at the stock market unless they comply with certain requirements on or before July 16, 2001

The Philippine Stock Exchange said the companies have so far failed to comply with the structured reportorial requirements involving the submission of 200 copies of their respective annual reports using SEC Form 17-A for the fiscal year ending Dec. 31, 2000.

This is on top of the firm’s similar failure to pay the basic and daily fines imposed by the PSE for not making the deadline and the delay in the submission of reports.

These listed firms are Benguet Corp., Fil-Estate Corp., Philcomsat Holdings Corp., Sinophil Corp., Unioil Resources & Holdings Co. Inc., Philippine National Construction Corp., RFM Corp., Universal Rightfield Property Holdings Inc., and Wellex Industries Inc.

Some of these companies, like the state-run PNCC, Benguet Corp., Fil-Estate and Wellex in fact have past records of similar nature last year when the PSE started to toughen up on its listing rules and regulation, including a full and timely release of vital disclosures and financial statements.

A week earlier, the PSE suspended trading anew in two listed companies and extended the suspension in another issue also for their repeated failure to comply with the reportorial requirements.

Those affected by the trading suspension were C&P Homes Inc. and Reynolds Philippines Corp., while trading in Mondragon International Philippines Inc. remains suspended since last year when the Gonzales-owned leisure resort developer encountered liquidity problems at the Mimosa Leisure Resort in Clark.

The PSE said the suspension will take effect on July 16,2001, upon recommendation of the listing committee and approval of the PSE board of governors, unless compliance with the requirement is made on or before the said date.