March 14, 2014

PSE to delist Alphaland

The Philippine Stock Exchange has initiated delisting procedures on Alphaland Corp (ALPHA, Not rated) as it accused the latter of actions and representations that showed “a pattern of deliberate, conscious and willful intent to mislead the Exchange and the investing public.”

The PSE cited certain disclosure violations including the alleged “simulated sale of Alphaland shares between Ashmore Investment Management Limited/Alphaland Holdings (Singapore) Pte Ltd and Credit Suisse (Singapore) Ltd,” the legal cases involving the company, its state of ”financial distress” and its “representation of its conduct of a stock rights offering which it later admitted as a “minority offering.” - WealthSec