Gotesco Land faces delisting

The Philippine Stock Exchange has initiated delisting procedures against dormant Gotesco Land Inc. due to repeated failure to submit reportorial requirements in violation of the disclosure rules of the exchange.

The PSE said in a notice posted on its Web site Gotesco Land did not submit annual and quarterly statements in 2007 and from 2010 to 2014, information on the number of shareholders for the months from Nov. 2013 to June 2015, quarterly public ownership reports from December 2013 to June 2015 and the list of top 100 stockholders for the quarters ending December 2013 to June 2015.

The trading of Gotesco Land shares has been suspended since May 16, 2008 due to the non-submission of an annual report for the year ending December 2007.

Shares of Gotesco Land were last traded on May 15, 2008 when it closed at P0.140 apiece.

The Securities and Exchange Commission on May 25, 2009 issued an order revoking Gotesco’s registration of securities and permit to sell for non submission of the 2007 annual report and first and second quarter reports in 2008, and non-payment of assessed penalties

The non-submission of reportorial requirements, revocation of the registration of securities and a negative stockholders’ equity are among the grounds for the involuntary delisting of a listed company under the PSE’s delisting rules.

Gotesco posted capital deficiencies or negative balances in its stockholders’ equity in the amount of P911 million, P1.3 billion and P1.15 billion for fiscal years ending 2007, 2008 and 2009, respectively, according to the latest available financial statements of the company submitted to the PSE.

The PSE said Gotesco, following the serving of a notice of delisting, would be entitled to a hearing.

“But should the company decide not to or fail to request for a hearing within the specified period, the exchange shall decide the case solely on the basis of the records on hand,” the PSE said.

Gotesco Land was originally registered with the SEC as Surigao Consolidated Mining Co. Inc. engaged in the exploration and mining of gold, silver, copper and iron ores in Surigao del Norte and Zamboanga del Sur provinces.

The company is currently engaged in real estate developments with two projects, namely The Evercrest Cebu Golf Club and Resort Inc. in Cebu City and The Chateau Royale Sports & Country Club Inc. in Nasugbu, Batangas.

Gotesco will be the second company to be delisted by PSE. The exchange on Aug. 15 delisted Marsteel Consolidated Inc., owned by the Martel family,  also due to the non-submission of reportorial requirements.

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