PSE rebuts PTT claims of requirement compliance

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The Philippine Stock Exchange, Inc. (PSE) dispelled claims made by Philippine Telegraph & Telephone Corp. (PTT) that the latter has complied with the necessary requirements that would allow it to resume trading.

In a statement issued Monday, Sept. 3, the bourse operator said the listed telco operator has yet to comply with structured filings since 2004.

“PTT has not submitted compliant structured reports (i.e., quarterly and audited annual reports) since 2004. Accordingly, the company will remain under involuntary trading suspension until it completes its submissions. The company’s declaration in its press release totally surprised us considering we had previously met and informed Mr. Velasquez about these several violations,” said PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

This comes as a response to PTT’s statement last week urging the PSE to lift the trading suspension on its shares since Dec. 4, 2009, when it recorded a closing price of 33 centavos apiece. — Arra B. Francia