By James A. Loyola
After over a year of waiting for regulatory approval for its follow-on offering, top logistics firm LBC Express Holdings, Inc. has been forced to withdraw its application with the Securities and Exchange Commission (SEC) due to technicalities.
In a disclosure to the Philippine Stock Exchange, LBC said it has filed with the SEC its withdrawal of its application in connection with the registration of up to 69.1 million common shares.
These consist of 10 million common shares to be offered to the public by way of Primary Offering, and 59.1 million common shares to be offered by way of a Secondary Offering initially filed on April 16, 2018.
“The Company has decided to withdraw the application considering that the financial information stated in the registration statement should be as of a date not earlier than 180 days therefrom,” LBC said.
However, the financial statements which were included as part of the registration statement consisted of those for the full-year ended December 31, 2016, 2017, and 2018, as well as the period ended March 31, 2019.
“Considering that these financial statements have become stale, there is now a need to further update the same,” LBC said.
It added that, “the Company anticipates that it will take some time to have its financial statements audited or reviewed, and for this reason has decided to withdraw its Offer, without prejudice to a possible re-filing by the Company of such application at a later date.”