PSE removes Alphaland from roster

Ongpin-led Alphaland Corp. was removed Monday from the official roster of the Philippine Stock Exchange (PSE).

 

In an emailed statement, PSE said it  removed Alphaland Corp. from the Official Registry of the Exchange effective October 20, 2014.

 

PSE initiated a delisting process on Alphaland in March 2014 for "repeated failure to submit full, fair, accurate and timely disclosures of material information.”

Trading in the company has been suspended since January 20, 2014.

 

A PSE resolution on the company's involuntary delisting dated September 8 mandated Alphaland to hold a tender offer to all its retail/non-strategic shareholders as of January 23, 2014.

 

"This requirement prior to delisting was provided to protect and uphold the interest of its minority shareholders," PSE said.

 

The PSE said the delisting process followed the procedures which required hearings to give the company the opportunity to explain its side and submit pertinent documents and position paper.

 

“Corporate governance standards call for adherence to fairness, transparency and accountability. We exercised all these principles during the Alphaland Corporation delisting procedure as we accorded the company due process and considered the welfare of the company’s minority shareholders,” PSE president and CEO Hans B. Sicat said in the statement.

 

“We reiterate our assurance that the Exchange will continue to uphold its rules and regulations to promote the interest of the investing public,” he said.

 

In 2011, five erring companies—Mondragon International Philippines Inc., Sanitary Wares Manufacturing Corp., Universal Rightfield Holdings Inc., Wise Holdings and Banco Filipino Savings and Mortgage Bank—were delisted by the PSE for vaious violations of the exchange rules and regulations. —NB, GMA News