Alphaland contests delisting

MANILA, Philippines - Upscale property developer Alphaland Corp. is contesting the decision of the Philippine Stock Exchange (PSE) to start the delisting process for the real estate firm.

“Alphaland believes that this PSE decision is grossly unfair to it and intends to appeal it,” said Alphaland corporate secretary Rodolfo Ponferrada.

He said the PSE’s decision includes fining Alphaland for late disclosure, additional one-month suspension of trading and his disqualification as corporate information officer.

The property firm controlled by businessman Roberto V. Ongpin said the start of the delisting procedure might take many years to resolve.

On Wednesday, the PSE announced that it has initiated the delisting process for Alphaland as a maximum penalty for violating disclosure requirements. Delisting is the maximum penalty that can be imposed by the PSE on an erring company.

The operator of the country’s stock exchange noted Alphaland’s “repeated failure to submit full, fair, accurate and timely disclosures of material information.”

In particular, the PSE said the violations were committed in the course of the disclosure of the alleged simulated sale of Alphaland shares between Ashmore Investment Management Ltd./Alphaland Holdings (Singapore) Pte. Ltd. and Credit Suisse (Singapore) Ltd; cases involving the company and its state of financial distress; and its representation of its conduct of a stock rights offering which it later admitted as a minority offering.