Trading in shares of government-owned Philippine National Construction Corp. remains suspended as the company failed to meet Securities Regulation Code standards in its earnings report, the Philippine Stock Exchange said Thursday.
The exchange withdrew an earlier decision to lift the trading suspension on PNCC, saying the shares would remain suspended since the audited financial statements the company filed did follow the guidelines under the Securities Regulation Code.
According tot he Code, audited financial statements that do not meet generally accepted accounting principles are considered unfiled and the company is sanctioned by the corporate regulator.
“Based on discussions with the Securities and Exchange Commission today, it was confirmed that the audited financial statement submitted by the corporation are not in compliance with the above mentioned rule,” the PSE said.
“Given such non-compliance, the exchange hereby implements a trading suspension on PNCC shares effective immediately. The exchange will inform the Trading Participants and the investing public of further developments on the matter,” the exchange added.
On Wednesday, the PSE said it would finally lift the trading ban on PNCC shares starting Thursday after more than five years of suspension for not filing financial reports.
PNCC already paid the penalties for delays in submitting reportorial requirements, according to the PSE.
PNCC shares last traded on
April 9, 2008, closing at P4.90 a piece. The shares were officially suspended from trading on May 16, 2008.
The company provides tollway operation and maintenance, general construction, and equipment rental and leasing services. — VS, GMA News