THE Philippine Stock Exchange (PSE) has decided to go ahead with the involuntary delisting of Marsteel Consolidated Inc. for failing to respond why it should not be taken out of the trading board despite violating the rules on regulatory filing.
In a memorandum posted on the PSE website late Thursday, PSE President and Chief Executive Officer Hans Sicat said the bourse reached a decision on July 13 to delist Marsteel from the exchange starting August 15.
“Following the conduct of involuntary delisting proceeding involving [Marsteel], the exchange issued a decision dated July 13, 2015, directing the delisting of the company’s shares from the official registry of the exchange and the imposition of concomitant penalties under the exchange’s delisting rules,” Sicat said.
“The delisting of the company’s shares shall take effect thirty calendar days from date thereof or on August 15,” he added.
The PSE gave Marsteel 15 days to answer the exchange’s first memorandum and delisting notice last April 30.
“Should the company decide not to or fail to request for a hearing within the specified period, the exchange shall decide the case solely on the basis of the records on hand,” the PSE earlier said.
Marsteel was unable to submit several annual and quarterly reports to both the PSE and regulator Securities and Exchange Commission (SEC) since 2006, the exchange noted in its April 30 memorandum.
Marsteel is an investment holding company, headed by Antonio Martel as chairman, Enrique Martel as executive vice president and Jose Martel as senior vice president.
PSE records showed the company has no substantial transactions, neither has it filed annual and quarterly financial reports and corporate governance reports, except for public ownership reports and a list of the top 100 stockholders.