The Philippine Stock Exchange (PSE) has dropped Marsteel Consolidated Inc. (MC) from its list of component stocks after years of the investment holding company’s dormancy, failing to submit financial reports in compliance with corporate laws.
In a notice posted on the exchange’s website on Thursday, the PSE said MC, which was headed by the Martels, has failed to submit several annual and quarterly reports to both the PSE and the Securities and Exchange Commission (SEC) since 2006.
The last record of the company had Antonio Martel as chairman, Enrique Martel as executive vice president and Jose Martel as senior vice president.
Trading of MC shares had been suspended since May 21, 2007 due to the company’s “non-submission of its annual report for the year ended December 31, 2006.”
Despite its delisting, MC has the right or “shall be entitled to a hearing provided a written request” is filed within 15 days since the date the notice was filed, the notice said.
From its disclosure archive, the company bears no record of substantial transactions, annual and quarterly financial reports and corporate governance reports, among others, except for public ownership reports and a list of its top 100 stockholders.