UNIWIDE Holdings, Inc. will be removed from the roster of publicly-listed companies effective October 26, 2017, the Philippine Stock Exchange (PSE) announced on Friday.
Uniwide, a holding firm led by the Gow family, was ordered delisted by the PSE following multiple violations, including delayed and non-submission of structured reportorial requirements such as annual reports for the years ended 2013 to 2015, first to third quarterly reports for the years ended 2014 to 2016, reports on the number of stockholders in 2014 and 2015, foreign ownership reports in 2014 and 2015, public ownership report in 2014, and lists of top 100 stockholders in 2014.
“Our records also show that the company failed to comply with the unstructured reportorial requirements of the Revised Disclosure Rules in relation to the legal proceedings involving the company, changes in its principal officers, and clarification of news articles,” the PSE said.
It added that the Securities and Exchange Commission (SEC) had ordered the dissolution and liquidation of Uniwide’s assets in May 2013, “which constitute grounds for delisting under paragraphs (a), (e), and (i) of the PSE Rules on Delisting.”
“Under the Exchange’s Rules on Delisting, the abovementioned circumstances … are among the grounds/criteria for initiation of involuntary delisting proceedings on a listed company, and when applicable, the imposition of the relisting prohibition,” it said.
Uniwide will be prohibited from applying for relisting within a period of five years from the effective date of delisting, and its directors and executive officers are disqualified from being elected as such in any company applying for listing within five years from the effective date of delisting.
Incorporated 1994, Uniwide was established as a holding company for real estate interests. Its subsidiaries are Uniwide Sales Realty and Resources Corp. and Naic Resources and Development Corp.