PSE monitors developments in GREEN even with trading suspension
The Philippine Stock Exchange, Inc. (PSE) continues to monitor the developments involving Greenergy Holdings Incorporated (GREEN) even as trading of its shares have been suspended since May 13, 2015.
“A trading suspension does not preclude a listed company from submitting material information to the Exchange. It remains the obligation of the company to apprise the investing public on significant developments that may affect the company’s operations,” said PSE President and CEO Hans B. Sicat.
The shares of GREEN were initially suspended from trading by the Exchange on May 13, 2015 following news reports that the Court of Appeals issued an order freezing, among others, the bank accounts of the Company, its subsidiary, Sunchamp Real Estate Development Corp., and its Chairman and President Mr. Antonio L. Tiu. On May 19, it was subjected to a continuing trading suspension for failure to submit its Annual Report or SEC Form 17-A for the year ended December 31, 2014 on or before the extended deadline of April 30, 2015. The Exchange further imposed a continued trading suspension for non-submission of its Quarterly Report of SEC Form 17-Q for the period ended March 31, 2015 on or before the extended deadline of May 20, 2015.
The PSE reiterates that disclosure requirements are to be observed for full, fair, timely, accurate disclosure of material transactions and information, even those related to the public through media, by all listed companies to equip its investors with the necessary information to make informed decisions regarding their investments. The disclosure obligations of listed companies arise from their fundamental obligation to ensure that material information is disclosed for the guidance and consideration of the investing public.
“The PSE always reminds its listed firms to observe disclosure rules. In the case of GREEN, the PSE has not been remiss in taking appropriate action against its noncompliance with Exchange rules,” Mr. Sicat added.
Aside from compliance with Exchange rules, the PSE also enjoins listed companies to uphold the laws and regulations of the country.
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