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Manila Bulletin devider Business devider The Stock Market devider PSE to start delisting process of Abra Mining

PSE to start delisting process of Abra Mining

Published Apr 17, 2024 03:28 am

The Philippine Stock Exchange (PSE) said it has no choice but to proceed with the initiation of delisting proceedings against Abra Mining Industrial Corporation (AR) pursuant to its Involuntary Delisting Rules after the Securities and Exchange Commission (SEC) found the firm to have "illegally" issued shares.

In a statement, the bourse said this comes after “the SEC Markets and Securities Regulation Department’s confirmation that there were indeed illegally issued shares circulating on the market and its resolution revoking AR’s registration statement and corresponding permit to sell securities."

Abra Mining.png

It also noted that, prior to the delisting of Abra Mining shares, the PSE is left with no alternative except to maintain the trading suspension on AR shares.”

The SEC announced that it has imposed P560 million in fines against Abra Mining’s officers, shareholders, and transfer agent.

This after the corporate watchdog found that the firm and its directors and officers have violated Section 26 of the Securities Regulation Code (SRC) and Section 61 of the Revised Corporation Code.

SEC also found AR’s transfer agent Asian Transfer & Registry Corp. as well as its officers, guilty of violating several provisions of the SRC and its implementing rules and regulations while several of AR’s stockholders were likewise found liable of violating Section 26 of the SRC.

Section 26 of the SRC makes it unlawful for any person to employ any device or scheme to defraud or to engage in any act or transaction which operates as a fraud or deceit upon any person.

Based on SEC’s statement, the violations pertain to the illegal issuance of AR shares and issuance of shares for a consideration less than the stock’s par value.

“In view of SEC’s findings contained in its April 8, 2024 decision, minority stockholders of AR may, individually or as a group, consult their counsel and seek legal advice on available remedies under existing laws, including Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FPSCPA),” said the PSE.

It noted that the FPSCPA aims to provide protection to financial consumers against fraudulent practices and provide them with an expeditious remedy for enforcement of claims.

“SEC has authority to adjudicate complaints under FPSCPA such as damages not exceeding P10 million,” the PSE added.

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Abra Mining Securities and Exchange Commission Philippine Stock Exchange
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