MANILA, Philippines - The Philippine Stock Exchange (PSE) is not giving Alphaland Corp.’s delisting a second look despite the latter’s appeal.
In a new circular, PSE president and chief executive officer Hans Sicat has ordered for Alphaland’s shares to be removed from the official registry of the exchange.
Alphaland chief executive officer Roberto V. Ongpin earlier made an appeal to the PSE to reconsider its decision to delist the upscale property developer from the local bourse.
Ongpin claimed that the PSE’s decision is not final and executory and is still subject to the appeal process.
In early September, the PSE came out with a decision to kick out Alphaland from its roster of listed companies to serve as penalty for violating disclosure requirements.
On top of the delisting punishment, Alphaland has also been banned to apply for relisting within five years after its delisting date.
Ongpin, however, has said that if the PSE does not reconsider its petition, Alphaland will appeal to the Securities and Exchange Commission and even move it up to the Supreme Court if necessary.
Alphaland last week concluded a tender offer in which it was able to acquire 2.67 million shares from non-strategic shareholders.
A tender offer has been required by the local stock market operator as part of the delisting order in consideration of the minority shareholders of Alphaland as well as “for the maintenance of a fair and orderly market.”