The Securities and Exchange Commission (SEC) lifted the order of revocation on textile manufacturer Filsyn Corp. after nearly 22 years of suspension.
Filsyn said in a disclosure to the stock exchange Thursday it received the SEC’s decision lifting the order of revocation of the corporation’s registration of securities and permit to sell securities to the public issued on Aug. 26, 2002.
Filsyn said with the lifting of the order of revocation, its next move is to ask the Philippine Stock Exchange to lift the trading suspension of its shares.
“The corporation is grateful for the issuance of the 2024 order by the SEC. The corporation will file the necessary applications or notices with The Philippine Stock Exchange, Inc. if any, to fully implement the 2024 order,” Filsyn said.
The SEC issued the revocation order in 2002 against Filsyn for its repeated inability to furnish the regulators periodic reports required for listed companies under the Securities Regulation Code (SRC).
It required the company to amend its registration statement in 2018 as a condition for the reinstatement of its permit to sell its securities to the public and to lift the order of revocation against the corporation.
The company filed its amended registration statement with the SEC in September 2023 and supplemented it with an updated amended registration statement in March 2024.
Filsyn was originally organized in 1968 as Filipinas Synthetic Fiber Corp. to promote and support the polyester fiber and yarn requirements of the Philippines’ textile industry.
The company was registered with the Board of Investments in 1969 with a preferred and pioneer status and began full-scale commercial operations in November 1971. It changed to its present name in 1987 to reflect its wider range of activities.
It has investments in Island King Aquaventure Corp., an aquaculture company and SRTC Development Corp., a real estate company.
