UNIWIDE Holdings, Inc. will be delisted from the Philippine Stock Exchange (PSE) on Oct. 26, 2017, the bourse said, citing the outcome of an involuntary delisting proceeding on the Gow family’s real estate company.

In a memorandum dated Sept. 26, 2017, PSE President and Chief Executive Oficer Ramon S. Monzon said the decision on Uniwide was issued on Sept. 13, 2017 directing the delisting of the company’s shares from the exchange’s official registry and the imposition of penalties.

“The delisting of the Company’s shares shall take effect thirty (30) calendar days from date hereof or on Oct. 26, 2017,” he said.

The involuntary delisting proceeding arose from the continuing violations of Uniwide of disclosure rules, particulary the non-submission or delayed submission of the company’s structured reportorial requirements, the PSE said.

It also cited the dissolution and liquidation of Uniwide assets as ordered by the Securities and Exchange Commission on May 30, 2013.

With Uniwide’s delisting, it is prohibited from applying for relisting within a period of five years from the effective date of delisting. Its directors and executive officers are also disqualified from being elected as such in any company applying for listing within five years from delisting.

The PSE enumerated the reasons for delisting to include the non-filing or delayed filing of annual reports for the years 2013 to 2016, quarterly reports for the years 2014 to June 2017, reports on the number of shareholders, foreign ownersihp reports, public ownership reports, and list of top 100 stockholders. – Victor V. Saulon

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