The Philippine Stock Exchange said Wednesday it is delisting Unioil Resources & Holdings Co. Inc. and PICOP Resources Inc. from the local bourse over the companies’ continuing non-filing of reportorial requirements and non-payment of penalties for disclosure violations.
Unioil Resources and PICOP will be removed from the exchange’s office registry on June 23 this year, the PSE said in separate advisories posted on its website.
PSE president and chief executive Ramon Monzon said the exchange resolved to delist Unioil Resources and PICOP after conducting involuntary delisting proceedings.
The PSE said Unioil Resources had not filed its annual financial statements for the years 2017 to 2022 and quarterly reports from March 2018 to September 2022.
Unioil Resources also has had negative stockholders’ equity since the year ending December 2000, it said.
The PSE will also boot out PICOP from the exchange over the latter’s non-filing of annual reports from 2008 to 2022 and quarterly reports from March 2009 to September 2022.
It also failed to file other reportorial requirements such as foreign ownership reports, list of top 100 stockholders, public ownership requirements, among others, it said.
PICOP also failed to pay the penalties for disclosure violations and the annual listing maintenance fees, the PSE said.
PICOP is an integrated forest and paper company. It serves the local market for newsprints, telephone directory paper and kraft linerboards.
Trading of PICOP’s stocks has been suspended since June 4, 2008 when it closed at P0.205 apiece.
Under the PSE’s delisting rules, a company that has been kicked out from the local bourse is prohibited from applying for relisting within a period of five years from the effective date of delisting.
The PSE also delisted Primetown Property Group Inc. and Export & Industry Bank in 2021.
It reported plans to delist companies that have been suspended and have not been trading for some time.
The PSE suspended last week the trading of six companies over the non-filing of 2022 annual financial statements. These companies included TKC Metals Corp., Phoenix Petroleum Philippines Corp., Manila Jockey Club Inc., MJC Investments Corp., IPM Holdings and DFNN Inc.
The PSE earlier gave listed companies until May 18 to file their respective annual reports. Under the PSE’s consolidated listing and disclosure rules, the companies’ failure to comply with the requirements of the exchange within the prescribed period will result in the automatic suspension of the trading of their respective shares.
Unioil, chaired by businessman Exequiel Robles, was previously involved in oil exploration and mineral development projects. Trading of Unioil shares was suspended on May 17, 2018 when it closed at P2.46 apiece.