Ever Gotesco trading suspension lifted, back on floor Wednesday

Shares of shopping mall developer Ever Gotesco Resources and Holdings, Inc. will resume trading on Wednesday after being suspended for more than two months, according to the Philippine Stock Exchange. In a memorandum, the PSE said it lifted the trading suspension on Ever Gotesco’s shares after the Securities and Exchange Commission also lifted suspension of the company’s registration of securities and permit to sell securities. In May, the SEC ordered the suspension of Ever Gotesco resources for 60 days after is was discovered the company failed to hold its annual stockholders meeting in 2012, the fourth time the company committed the violation. Then in July 5, the PSE suspended the trading of Ever-Gotesco’s shares. Shares of Ever-Gotesco were last traded on July 3, when it closed at P0.232 per share. Aside from the suspension, Ever Gotesco was also fined P194,400 for the violation of the Securities Regulation Code. Ever-Gotesco, which was incorporated on September 1994 as a holding company, is engaged in building shopping malls and leasing them out to commercial tenants. The malls are primarily leased out to Ever Department Store and Supermarket, cinemas, banks, amusement centers, food shops, specialty stores, boutiques, drug stores, and services shops. At present the company operates two malls, namely Ever-Gotesco Commonwealth Center in Quezon City and Ever-Gotesco Manila Plaza. During the first half of the year, Ever Gotesco posted a net income of P32.6 million, down eight percent from P35.33 million posted in the same period last year. Revenues on the other hand increased slightly to P175.34 million from P174.24 million recorded in the same period a year ago. — DVM, GMA News