The Philippine Stock Exchange ordered the delisting of Uniwide Holdings Inc., a company owned by businessman Jimmy Gow, due to continued violation of the disclosure rules of the exchange.
The PSE in an order said Uniwide would be delisted from the office registry of the exchange on October 26.
The PSE initiated involuntary delisting procedure against Uniwide Holding in February, citing the company’s violation of the disclosure rules of the exchange.
The PSE said Uniwide Holdings failed to submit reportorial requirements, including filing of annual reports for the years ended 2013 to 2015, quarterly reports for the years ended 2014 to 2016 as all as other reportorial requirements.
It also failed to timely submit other reports pertaining to foreign ownership, top 100 stockholders, public ownership and as well as unstructured reportorial requirements for the revised disclosure rules in relation to the legal proceedings involving the company and changes in its principal officers.
The PSE said the Securities and Exchange Commission affirmed the dissolution and liquidation of assets of all of the companies in the Uniwide Group, including Uniwide Holdings way back in 2013.
Under the exchange’s rules on delisting, the non submission of reportorial requirements of the exchange, failure to timely file, adequate and non-accurate disclosures, and dissolution of the company and liquidation of its assets, are among the grounds for initiating involuntary delisting proceedings on a listed company.
Shares of Uniwide Holdings were last traded on Jan. 18, 2010 when it closed as P0.130 per share.
Uniwide Holding started operation in 1995 as a holding company for the real estate interest and the franchisor of Uniwide Sales Inc. and Uniwide Sales Warehouse Club Inc., both owned by the Gow family.
Uniwide Group of Companies including Uniwide Holdings, in l998 filed for corporate rehabilitation with the regulator as liabilities ballooned to over P11 billion.
Affecting the company’s operations were decreasing sales, weak collection of receivables, high interest payments and rising debts because of its aggressive expansion into real estate development.
The PSE earlier delisted Masteel Consolidated Inc. owned by the Martel family and Gotesco Land, also due to disclosure violations.