PSE lifts trading suspension on LMG, Chemphil
THE PHILIPPINE Stock Exchange has lifted the trading suspension on LMG Chemicals and its parent firm Chemical Industries of the Philippines (CIP) following their compliance to reportorial obligations.
The two firms – earlier suspended from trading on the local bourse for failure to submit their annual reports for year 2015 – had now complied with the requirements. As such, they were allowed to resume trading on the PSE starting 1:40 pm on Wednesday.
In separate memoranda, the PSE said LMG and Chemphil had “complied with the structured reportorial requirements of the exchange and has paid the corresponding penalties imposed for delayed submission of the 2015 annual report.”
Trading on LMG and CIP were suspended starting Tuesday (May 17).
LMG was previously an industrial chemicals manufacturer and distributor. Starting 2009, upon divestment of its subsidiaries, its operations have shifted to trading of chemical products such as caustic soda and sulfur.
CIP is the parent company of LMG. The company and its subsidiaries are engaged in the manufacturing and trading of products which are mainly sold to detergent, beverage and car battery manufacturers, water concessionaires and paper industry.
A third company, Century Peak Metals Holdings Corp., remains suspended on the local bourse as it has yet to submit its annual report for 2015.
Formerly Fil-Hispano Corp., Century Peak is a mining firm with mineral rights over 37 properties in the Philippines, with combined total area of 55,204 hectares. It has five active exploration/mining projects and one mineral prospect. These projects are located in Dinagat Island, Zamboanga, Zambales and Sibuyan / Romblon. Chromite, nickel and iron are the minerals of main interest in these active projects and mineral prospect.
Another firm, SPC Power Corp. (SPC), likewise remains suspended from the trading floor for failing to meet the minimum public ownership requirement of 10 percent for continuing listing on the bourse.
SPC’s public ownership level was at 9.74 percent as of April 2016. The company told the exchange that this was due to “acquisitions of some shares from the public sector by certain individuals, especially officers and directors.”
“We intend to correct this deficiency and go back to within 10 percent public ownership level within a month’s time,” SPC had assured the PSE.
