Home Banking & Finance SEC OK’s Grepalife’s voluntary revocation of security business
SEC OK’s Grepalife’s voluntary revocation of security business
THE SECURITIES and Exchange Commission (SEC) has approved Grepalife Dollar Bond Fund Corp.’s application for the voluntary revocation of its registration of securities and certificate to sell securities.
In an order signed by Officer-In-Charge Rachel Esther Gumtang-Remalante from the SEC Corporate Governance and Finance Department, the commission said the company should comply with the reporting requirements of the commission under the Corporate Code and to amend its business purposes in the span of a year.
The revocation was granted as the petition and supporting documents were found to be in full compliance with the Securities Regulation Code as well as the implementing rules and regulations of the Investment Company Act.
The order also ruled that the petitioner’s fund manager, Grepalife Asset Management Corp. (GAMC) must comply with the liquidation of the assets in behalf of Grepalife within a maximum of six months.
Aside from this, GAMC is also required to submit a copy of the Escrow Agreement within 10 days from the execution of the contract and to be in charge of informing SEC of the status of the redeeming of securities every Jan. 30 until all units are fully redeemed.
Finally, GAMC is required to submit a monthly report on the redemption of its securities in the preceding month.
It was in March when the board of directors of Grepalife, which is an arm of insurance firm Sun Life Financial, Inc., decided that they will apply for the voluntary revocation of the firm’s registration of securities.
The decision was made in order to focus more of their efforts and resources into Sun Life Grepa Financial, Inc.’s core life business and their “goal to be among the top life insurance providers” within the country.
According to SEC, Grepalife has 227 shareholders, of which 194 hold at least 100 shares. — Luz Wendy T. Noble