PSE approves Calata delisting on Dec. 11
The Philippine Stock Exchange will remove Uniwide Holdings Inc. from its roster of publicly-listed companies effective Dec. 11 for multiple violations of disclosure rules.
In a memorandum to member-brokers, the PSE said that after due consideration and evaluation of the arguments presented, it junked the motion for reconsideration filed by Calata for lack of merit,
Accordingly, the PSE affirmed with finality the delisting of the company’s shares from its official registry and the imposition of the concomitant penalties under the exchange’s delisting rules. Trading in Calata shares had been suspended since June 30.
The involuntary delisting proceeding stemmed from the delayed or non-disclosure of the numerous trade transactions of Calata shares by its directors and officers as well as numerous violations of the black out rule.
The black out rule prohibits directors and principal officers who have obtained material non-public information to trade their company’s shares within a prescribed period.
Once delisted, a company cannot apply for relisting within a period of five years. Its directors and officers are also disqualified from sitting as directors of any company with the same five-year period.