Manila Bulletin Publishing Corp., the publishing company owned by the Yap family, faces possible delisting from the Philippine Stock Exchange if it fails to prove it has a valid corporate life.
PSE chief operating office Ruel Refran said having a valid corporate charter was a basic requirement for continued listing at the local bourse.
“It’s a basic requirement for listing—that a company should be in possession of valid corporate charter and it is duly registered and licensed by the Securities and Exchange Commission [SEC],” Refran said.
Trading of Manila Bulletin is currently suspended after it failed to submit to PSE its amended articles of incorporation with a valid corporate term.
Refran said the answer on whether Manila Bulletin had a valid corporate term or not could also be provided by SEC. “That is within their process,” Refran said.
SEC sources, however, said the agency’s registration and monitoring department was still studying Manila Bulletin’s filings.
A company without a valid corporate term had no juridical personality under our legal system, Refran said.
The PSE is giving Manila Bulletin ample time to provide the exchange with the base document, which is the amended articles of incorporation showing that it was able to extend its corporate life.
“We have to be carefully and exhaust all measures because there are investors involved,” Refran said.
PSE suspended trading of Manila Bulletin shares on Sept. 29, citing that the amended articles of incorporation approved by SEC on Dec. 16, 2014 had not indicated any extension of its 50-year corporate term.
“While the document shows that amendments have been made to other sections of the articles of incorporation spanning the period of June 8, 1989 to July 10, 2014, there is no indication that that the fourth article pertaining to the corporate term has been amended since MB’s incorporation in 1959,” PSE said.
Manila Bulletin said it would endeavor to submit to PSE within 15 days the relevant information and documents to address the issue.
Manila Bulletin was founded as the Daily Bulletin on Feb. 2, 1900 for the purpose of engaging in the publishing business.
