SEMIRARA MINING and Power Corp. (SMPC) said on Thursday that it intends to ask a regional trial court (RTC) to reconsider an order for the listed company to pay P3 million to HGL Development Corp. for temperate damages.
“SMPC intends to file a motion for reconsideration before the RTC-Antique or avail of other remedies provided under the law and shall advise the [Securities and Exchange] Commission and the [Philippine Stock] Exchange of further developments of the case,” the company told the local bourse.
SMPC said it had received the resolution dated Aug. 24 issued by RTC-Culasi, Antique, Branch 13 ordering the company to pay P3 million to HGL, as well as P3.52 million in attorney’s fees “while the claim for moral damages was denied for lack of basis.”
According to the company, the resolution stemmed from the civil case filed by HGL against Semirara Mining Corp., now SMPC, on Nov. 17, 2003 to recover possession of a parcel of a 367-hectare land.
The said land is the subject of Forest Land Grazing Lease Agreement No. 184 issued by the Department of Environment and Natural Resources in favor of HGL located in Semirara Island, Antique with a prayer for the issuance of a writ of preliminary mandatory injunction.
“On June 6, 2016, the Supreme Court partially granted HGL’s petition and reinstated Civil Case No. C-146 and remands it to RTC-Antique to determine the damages to be awarded to HGL for the non-enforcement of the writ of preliminary mandatory injunction dated October 6, 2004,” SMPC said.
The company said the legal proceedings do not have any effect on its business or operations.
On Thursday, shares of the company rose by five centavos or 0.14% to close at P35.45 apiece. — Sheldeen Joy Talavera
