The Philippine Stock Exchange initiated a involuntary delisting procedure against dormant Uniwide Holdings Inc., a company owned by businessman Jimmy Gow, due to persistent violation of the disclosure rules.
The PSE said in a notice posted on its website Uniwide failed to submit reportorial requirements, including the filing of annual reports for the years ended 2013 to 2015 and quarterly reports for the years ended 2014 to 2016.
The PSE said Uniwide Holdings also failed to timely submit other reports pertaining to foreign ownership, top 100 stockholders, public ownership and as well as other reportorial requirements in relation to the legal proceedings involving the company and changes in its principal officers.
The PSE said the Securities and Exchange Commission had affirmed the dissolution and liquidation of assets of all 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 assets, are among the grounds for initiating involuntary delisting proceedings.
The PSE said it would give Uniwide 15 days to submit a written request for a hearing.
“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.
Shares of Uniwide Holdings were last traded on Jan. 18, 2010 when it closed as P0.130 per share.
Uniwide started operation in 1995 as a holding company for the real estate interest and franchisor of Uniwide Sales Inc. and Uniwide Sales Warehouse Club Inc., both of owned by the Gow family.
The Uniwide Group of Companies, including Uniwide Holdings, in 1998 filed for corporate rehabilitation with the regulator as liabilities ballooned to over P11 billion.