PSE suspends 6 companies for reportorial delinquencies

MANILA, Philippines —  Six companies including Dennis Uy’s Phoenix Petroleum Philippines Inc. were suspended yesterday by the Philippine Stock Exchange (PSE) for failing to comply with reportorial requirements.

Aside from Phoenix, the companies slapped with trading suspension orders are TKC Metals Corp., formerly TKC Steel Corp.; Manila Jockey Club, MJC Investments Corp., IPM Holdings and DFNN Inc.

Phoenix is a listed oil company while TKC Metals is engaged in the business of manufacturing and distributing steel products. MJC is engaged into property development and racetrack operation while MJC Investments owns and operates Winford Hotel and Casino located within the San Lazaro Tourism and Business Park in Sta. Cruz Manila.

DFNN is a listed technology and gaming solutions provider.

In separate notices yesterday, the PSE said the companies failed to file annual reports for 2022.

Given this, the PSE ordered the suspension of trading of the company’s shares yesterday until further notice.

The trading suspension is pursuant to Article VII, Section 17.8 on Sanctions for Non-Compliance with Certain Structured Reportorial Requirements under the Consolidated Listing and Disclosure Rules of the PSE.

Both the PSE and Securities and Exchange Commission require listed companies and those that aren’t listed, as well as all other regulated entities to submit reportorial requirements.

These include quarterly financial statements, annual reports, board meetings and other material transactions.