The Philippine Stock Exchange (PSE) said it has delisted the Roberto Ongpin-led Alphaland Corp. from the local bourse due to a series of violations of PSE rules.
In a notice posted on its website, PSE said some members of the Alphaland board were also barred from sitting as directors and/or executive officers in any company applying for listing with the stock exchange.
The board of directors disqualified were Alphaland’s Chief Executive Officer Ongpin, President Mario Oreta and Corporate Secretary Rodolfo Ma. Ponferrada.
“The PSE observed due process in handling the case of Alphaland Corp. The decision was arrived at to ensure that we do not fail in our obligation as a regulator of listed companies and to safeguard the welfare of the investing public,” PSE President and CEO Hans B. Sicat said.
PSE said Alphaland will undergo involuntary delisting procedures that will give the company an opportunity to explain its side, submit needed documents and a position paper. The company cannot be listed for five years from the delisting date.
The delisting will take effect after Alphaland’s tender offer by its retail or non-strategic shareholders as of January 23, 2014. The tender offer is required by the PSE in consideration of the minority shareholders and for the maintenance of order in the market. The company has 60 days to complete the tender offer.
Trading in Alphaland shares has been suspended since January 20, 2014, when the stock traded at P17.48 per share.
Alphaland’s violations that led to its delisting include the alleged simulated sale of Alphaland shares between Ashmore Investment Management Limited or Alphaland Holdings (Singapore) Pte Ltd and Credit Suisse (Singapore) Ltd; legal cases involving the Ongpin-led firm; state of financial distress; and representation of its conduct of a stock rights offering, which was later revealed as a minority offering.
So far, the PSE has delisted the following six companies due to failure to comply with minimum public float requirements and failure to submit reports: PNOC Exploration Corp., Mondragon International Philippines Inc., Sanitary Wares Manufacturing Corp., Universal Rightfield Property Holdings Inc., Wise Holdings Inc., and Banco Filipino Savings and Mortgage Bank.