THE Philippine Stock Exchange (PSE) has initiated involuntary delisting procedures on Gotesco Land Inc. due to the property firm’s failure to submit reportorial requirements since the end of 2013.
In a notice posted on its website, the PSE said Gotesco Land was unable to submit annual and quarterly reports since December 2013 up to the present, as well as quarterly reports on the number of shareholders, public ownership, and top 100 stockholders
“The exchange suspended the trading of the shares of the company on May 16, 2008 due to non-submission of its annual report for the year ended December 31, 2007,” the PSE said.
Aside from the PSE, the Securities and Exchange Commission (SEC) also issued an order in December 2008 to suspend Gotesco Land’s registration of securities and certificate of permit to sell securities to the public due to the non-submission of its 2007 annual report and 2008 first and second quarter reports, and its failure to settle the penalties that followed.
Due to its noncompliance and failure to settle its penalties, the SEC revoked the firm’s securities registration in 2009.
Based on its latest available financial statement, Gotesco Land posted capital deficiencies or negative balances in its stockholders’ equity in the years ending 2007, 2008 and 2009 in the amounts of P911.54 million, P1.03 billion and P1.16 billion, respectively.
Following the notice, the PSE said Gotesco Land will be entitled to a hearing and will be given 15 working days to provide a written request asking for a hearing. Failure to write a letter within the 15-day period will prompt the PSE to decide solely on the basis of records at hand, it said.
Once delisted, a company cannot relist for five years from the time it was delisted. Officials of a firm that has been delisted are disqualified to join the board of directors of any listed company or any firm applying for listing within the five-year period.
On the PSE website, Gotesco Land is described as primarily engaged in acquiring, developing, administering, selling, managing or otherwise dealing in real estate transactions, has two projects—The Evercrest Cebu Golf Club and Resort Inc. in Cebu City, and The Chateau Royale Sports & Country Club Inc. in Nasugbu, Batangas—and has three subsidiaries Multi-Resources Holding Co. Inc., Nasugbu Resort Inc. and Gulod Resort Inc.