Nasipit delists shares

After being declared insolvent last year, Nasipit Lumber Co. Inc. has voluntarily asked to delist its shares at the Philippine Stock Exchange starting today, March 26.

The PSE board of directors, in a special meeting last week, approved the delisting of Nasipit from the official registry of the Exchange and the company’s shares shall no longer be tradable effective this date.

Last September, Nasipit was declared insolvent by the Regional Trial Court of Manila and ordered the liquidation of the company following six years of "serious financial difficulties."

One of the oldest logging and lumber processing firms in the country, Nasipit has suffered financial problems which led to its non-operation for the past six years.

A dormant stock since 1998, Nasipit has not resumed operations since then. It was last traded in November 1998, closing at P45 and P150 for its A and B shares, respectively. Nasipit has total outstanding shares (A and B class) of 685,452 with a par value of P100 each with an aggregate market capitalization of P44.018 million.

The company, which was formed in 1946 and listed in 1973, produces a complete line of finished and semi-finished home building components (veneer and plywood) while Philippine Wallboard is directly responsible for the production and manufacture of low-cost but durable "lawanit" products.

It has a forest concession covering 98,000 hectares in Butuan City and several municipalities, including plant site host Nasipit, in Agusan del Norte.

In 1999, Nasipit posted net losses of P58 million which was substantially trimmed from P109.8 million in 1998. However, the company still has total liabilities of P991.627 million although its total assets are only worth P758 million.

Nasipit is 51.29 percent owned by holding firm Martinez Leyba Inc. with Carlos Fernandez as chairman and president.