Trading of Ever-Gotesco Resources and Holdings Inc. shares was suspended on Thursday after the company had reduced its authorized capital stock.
In a notice, the Philippine Stock Exchange (PSE) said the suspension took effect at 9:27 a.m. This will only be lifted once Ever submits necessary documents to the exchange.
Ever-Gotesco said in a separate regulatory filing the Securities and Exchange Commission had approved the amendments to its articles of incorporation, including the reduction of its authorized capital stock by half to P2.5 billion. Its par value was likewise slashed to P0.10 from P1 previously.
‘The reduction of par value is part of the quasi-reorganization to eliminate the deficit of the parent company as of Dec. 31, 2021,’ the mall operator said in its disclosure.
The PSE likewise suspended the trading of Ever-Gotesco in the past. In 2013, it was suspended for failing to conduct an annual stockholders meeting.