THE PHILIPPINE Stock Exchange (PSE) has imposed a trading suspension on shares in Boulevard Holdings, Inc. starting on Oct. 14 after the company failed to submit its annual report on the extended deadline.
Boulevard Holdings informed its shareholders on Tuesday that it will not be able to meet the extended deadline of submission of its reportorial requirements on Oct. 13.
“The audit of the consolidated audited financial statement is still in process and we estimate to submit the report on or before the end of October 2022,” the firm said.
The company also said that more personnel are helping to complete the report to meet its reportorial requirements with the PSE and the Securities and Exchange Commission (SEC).
According to the PSE disclosure notice, Boulevard Holdings “has not complied with the structured reportorial requirements of the Exchange under Article VII, Section 17.2 in relation to Section 17.8 of the Consolidated Listing and Disclosure Rules.”
It added that if the company is not able to comply before Oct. 14, a trading suspension will be imposed on its shares.
Article VII, Section 17.2 of the Consolidated Listing and Disclosure Rules states that listed firms should file with the PSE their annual report 105 days after the end of their fiscal year or as prescribed by the SEC.
Section 17.8 states that if an issuer fails to submit the required report, the PSE will impose a basic fine based on the scale of fines for non-compliance.
The PSE will also impose a daily fine for each day of non-compliance for a period of 15 calendar days.
If the issuer fails to comply before the 15 days end, the PSE is to warn the issuer and the trading participants of the firm’s non-compliance which will result in the automatic suspension of the trading of its shares.
The suspension will run for a maximum period of three months during which the daily fine will not be applied.
Last year, Boulevard Holdings also received a trading suspension notice from the PSE after it failed to submit its annual report for the fiscal year ending May 31, 2021.
On the stock market on Tuesday, shares in the company declined by 3.7% to P0.052 apiece. — Justine Irish D. Tabile