Logistics firm LBC Express Holdings Inc. said it withdrew its planned P1.5-billion share sale plan.
LBC said in disclosure to the stock exchange it filed with the Securities and Exchange Commission the withdrawal of its application to conduct a follow-on offering for up to 69.1 million shares as the company’s financial statements included in the registration statement became outdated.
“The company has decided to withdraw the application considering that the financial information stated in the registration statement should be as of a date not earlier than 180 days therefrom,” LBC said.
“However, the company’s financial statements which were included as part of the registration statement described consisted of those for the full-year ended 31 December 2016, 2017 and 2018, as well as the period ended 31 March 2019”.
The company said it needed to update the financial statements filed with the SEC. “The company anticipates that it will take some time to have its financial statements audited or reviewed, and for this reason has decided to withdraw its offer, without prejudice to a possible re-filing by the Company of such application at a later date,” the company said.