PSE suspends Ever-Gotesco shares from trading

Shares of Ever-Gotesco Resources and Holdings Inc. are suspended starting Friday, according to the Philippine Stock Exchange (PSE) after the Securities and Exchange Commission canceled the shopping mall developer and operator's registration and permit to sell stocks.  

 

The indefinite suspension of Ever-Gotesco shares from trading on the PSE was prompted by a an SEC en banc decision last May to suspend the registration and permit of the company for not holding  an annual stockholders' meeting last year—the fourth time it was cited by the corporate regulator for such violation.  

 

“Pursuant to the resolution of the commission in its meeting on 16 May 2013, the company’s registration of securities and permit to sell securities are hereby suspended for a period of 60 days from the date of receipt of this order,” according to the SEC.

 

Incorporated as a holding company in September 1994, Ever-Gotesco, builds shopping malls for commercial leasing and primarily to Ever Department Store and Supermarket, cinemas, banks, amusement centers, food shops, specialty stores, boutiques, drug stores, and services shops.

 

The company operates the shopping malls Ever-Gotesco Commonwealth Center in Quezon City and Ever-Gotesco Manila Plaza, while subsidiary Gotesco Tyan Ming Development pursues real estate business and owns and operates the Ever-Gotesco Ortigas complex.

 

Ever-Gotesco reported making P32.55 million in net income during the first quarter of the year, up 141 percent from P19.04 million a year earlier, while  revenues were unchanged at P87.7 million. — VS, GMA News