PSE suspends trading in Abra Mining
MANILA, Philippines — The Philippine Stock Exchange (PSE) has suspended trading of Abra Mining and Industrial Corp.
In a notice, the PSE said it found disclosure and trading irregularities, particularly trading shares which are not reflected in the company’s books.
Based on the disclosures and reportorial submissions filed with the Philippine Depository and Trust Corp. (PDTC), the PSE has determined that the number of the company’s fully paid issued and outstanding shares exceeded the number of its listed shares.
This is in contravention of PSE’s rule that all fully paid issued and outstanding shares should be applied for listing.
The local bourse likewise determined that the company’s shares lodged with PDTC exceeded the number of the company’s listed shares, also in violation of the PSE’s rules.
The probe also showed that the number of Abra Mining’s shares lodged with PDTC exceeded the number of the company’s issued and outstanding shares as contained in the firm’s audited financial statements.
The PSE has ordered the company’s directors, officers, corporate secretary, and its stock and transfer agent, Asian Transfer & Registry Corp. to resolve the issues before the trading suspension can be lifted.
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