The Philippine Stock Exchange (PSE) indefinitely suspended trading on Beloy family-led Abra Mining and Industrial Corp. starting March 4 for allegedly violating guidelines on the itemizing and trading of totally paid shares.
Citing a report from the Philippine Depository & Trust Corp. (PDTC), the PSE famous the variety of Abra Mining’s totally paid issued and excellent shares exceeded the variety of its listed shares. The PSE requires that every one totally paid issued and excellent shares needs to be utilized for itemizing.
The bourse additionally famous the variety of Abra Mining shares lodged with PDTC exceeded the variety of its listed shares, in violation of a PSE rule that solely securities accepted for itemizing needs to be lodged with PDTC for trading.
The PSE additionally famous quite a few Abra Mining’s shares lodged with PDTC exceeded the variety of issued and excellent shares as contained within the firm’s audited monetary statements. This meant that “shares which are not yet reflected in the books of the company have been lodged with PDTC and are being traded, in contravention of the provisions of the Revised Corporation Code,” it stated.
In coordination with the Securities and Exchange Commission, the PSE thus determined to droop the trading of Abra Mining shares till these issues are resolved by firm administrators, officers, company secretary, and its inventory and switch agent, Asian Transfer & Registry Corp.
“This is pursuant to the Exchange’s mandate and objective to provide a fair, orderly, efficient and transparent market for the trading of securities and for the protection of the investing public, consistent with the provisions of the listing agreement and the consolidated listing and disclosure rules,” the PSE stated.
To date, Abra Mining has about 72.95 million listed frequent shares and 99.29 million issued frequent shares. It has about 199.29 million excellent shares.
Prior to its suspension, it was valued by the inventory market at P916.75 million.
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