PSE docks 7 firms for non-compliance

The Philippine Stock Exchange is set to slap trading suspensions on seven listed firms by July 15 unless they are able to comply with the Exchange’s requirements on the submission of their year-end financial reports.

PSE senior vice president Jose Cervantes said the seven companies are Atlas Consolidated Mining & Development Corp., DMCI Holdings Inc., Fil-Estate Corp., Music Corp., Philippine National Construction Corp., Wellex Industries Inc. and Wise Holdings Inc.

All were cited for their failure to submit 200 copies of their respective annual report, using the standard SEC Form 17-A, for the fiscal year ending Dec. 31, 2001, as well as to pay the corresponding daily fines amounting to at least P50,000 each.

Another listed firm, AGP Industrial Corp., has remained suspended since March 1 not only for a similar non-compliance with the structured reportorial requirements but also pending its disclosure on the replacement of its stock transfer agent BPI Stock Transfer Agency which had resigned.

Among these companies, several have repeatedly failed to submit their financial reports on the prescribed deadline and extension periods, namely PNCC, Atlas, Wellex, Wise and Fil-Estate, as problems and backlogs, particularly with regard to their respective corporate restructuring have delayed their submission.

The bourse, together with the Securities and Exchange Commission, has been tightening its monitoring and compliance efforts to get rid of companies that have been remiss or deliberately withholding vital financial information to the public.

Cervantes said trading in these companies will remain suspended until they are able to comply with the reportorial requirements of the PSE, as provided for in the Exchange’s house rules.