MANILA, Philippines – Philippine Stock Exchange (PSE) president and chief executive Hans Sicat said no decision has been made on the planned delisting of property company Alphaland Corp. for violating disclosure requirements.
Sicat said Alphaland has already written a formal note to the PSE to contest the delisting.
“The Alphaland case is something that is not final, we’ll play it according to what happens and according to where the chips fall,” Sicat told ANC on Monday.
He said the PSE will start a reconsideration process factoring in Alphaland’s statements in the delisting hearing.
“It depends on the information available as well as new information. In many cases previously when there are questions or disputes, usually new information is submitted to the PSE by the issuer in question. All of those have to be taken into consideration,” said Sicat.
The PSE is considering delisting Alphaland due to its actions that "show a pattern of deliberate, conscious and willful intent to mislead the exchange and the investing public."
"The company’s repeated violations of the disclosure rules and the company’s allegations and representations to the Exchange, taken as a whole, reveal that the company has gravely undermined the primordial principle and objective of a fair, orderly, efficient and transparent market for the trading of securities which the Exchange is duty-bound to uphold at all times," the PSE said.
On Monday, the PSE launched the Electronic Disclosure Generation Technology (EDGE) mobile app to give investors a real-time look of company disclosures as they submit it to the stock exchange.
The app also allows investors to receive notifications from specific companies they wish to follow.
“What is does is to bring to the retail investor a very good feel of access to real time information, such that coming into the stock market is something that hopefully is not as daunting and in one sense democratizes the availability of information even down to the retail investor,” said Sicat.
The app can be downloaded for free and is available for both iOs and Android devices.
Sicat said there is a positive outlook for Philippine shares this year, and the estimated target of P200 billion worth of new issuances is expected to be met.