Business

PSE threatens to suspend trading of ABS-CBN, Lopez Holdings shares on Aug 20 due to non-filing of income reports since 2019

The Philippine Stock Exchange has threatened to suspend trading in shares of three Lopez-owned stocks due to failure to comply win income reporting deadlines.

PSE said the Lopezed have not submitted the annual and quarterly reports of ABS-CBN Corp. ABS-CBN Holdings (for its Philippine Depository Rights holders) and Lopez Holdings Corp. (Two other firms – Pacifica Holdings, Inc. and TKC Metals Corp. – have been issued the same warning).

“Please be informed that, as of the posting of this notice, the listed companies have not complied with the structured reportorial requirements of the Exchange under Article VII, Section 17.2 in relation to Section 17.8 of the Consolidated Listing and Disclosure Rules by failing to submit their Annual Reports (SEC Form 17-A) for the year ended December 31, 2019 and Quarterly Reports (SEC Form 17-Q) for the period ended March 31, 2020, on or before the extended deadline granted by the Securities and Exchange Commission and the Exchange,” PSE said.

Listed firms are required to submit their annual report 105 days after the end of fiscal year and their three-month report 45 days after each quarter. Failure will lead to fines or automatic suspension of between two (for quarterly) and three months (for annual report).

The Lopez management has requested for a further extension to file its income reports. Management claimed it was still finalizing the numbers of the three companies “due to subsequent events happening after 2019 (denial of legislative franchise of ABS-CBN last July)… independent auditors extended their audit due to said subsequent event and required more supporting documents.”

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