Kuok firms clarify report on SEC requirement

The Kuok Group has clarified that its locally-listed affiliates, Edsa Properties Holdings Inc. (EPHI) and Kuok Philippine Properties Inc. (KPPI) have been diligently filing their respective financial reports to the Securities and Exchange Commission (SEC) within the required timeframe.

"EPHI and KPPI have not evaded and do not intend to evade its reportorial duties to the SEC," the companies’ corporate secretary Federico Noel said in a statement.

The official said contrary to an earlier report, the companies remain in compliance with the SEC’s quarterly requirement on the submission of financial reports.

"Indeed both companies have been duly and diligently filing all required reports under the SEC’s new disclosure rules, albeit both are in the process of completing supplements to certain past submitted reports as required by the SEC," he added.

It was earlier reported that the SEC has threatened to revoke the secondary licenses – which involve the sale of securities to the public – of EPHI and KPPI for the continued non-submission of reportorial requirements in violation of the Securities Regulation Code.

EPHI is a property development and management holding company whose main assets are the Shangri-La hotel chain and the Shangri-La Plaza mall in Mandaluyong City. KPPI, on the other hand, is the local investment holding firm of the Kuok Group of Singapore, with exposure in a wide range of businesses among them infrastructure, trading, food, agriculture, aquaculture, transportation and manufacturing.