This was revealed after the Philippine Stock Exchange asked for an update on its plans more than a year after the company promised to fix its capital shortfall.
Addressing trading suspension
MJC Investments, which owns and operates the Winford Hotel and Casino, a five-star hotel and entertainment complex in Sta. Cruz, Manila, also said it is close to addressing the suspension of its shares due to the non-submission of required reports.
“The external auditor is in the final stages of completing the 2022 and 2023 audited financial statements,” it said in a stock exchange filing on Wednesday.
“Significant progress has been achieved based on our most recent coordination on Dec. 3, 2024,” it added.
No trading for 19 months
Accounting giant SyCip, Gorres, Velayo & Co. is listed as its external auditor.
Shares of the company were last traded on May 8, 2023 at P1 each, giving the company a valuation of P3.2 billion.
Capital restructuring
Meanwhile, MJC committed to convert additional capital to address its negative equity.
This will come from advances received from Manila Jockey Club Inc., One Wisteria Loop Holdings Inc., Orchardstar Holdings Inc., Purple Cassady Holdings Inc., Flying Heron Holdings Inc., East Bonham Holdings Inc., Cherrygrove Holdings Inc., and Belltower Lakes Holdings Inc.
It also includes advances from Branford Ridge Holdings Inc., Mulberry Orchid Holdings Inc., Everdeen Sands Holdings Inc., Belgrave Square Holdings Inc., Savile Row Holdings Inc., Fairbrooks Holdings Inc., Montbrecia Place Holdings Inc., Pepperberry Vista Holdings Inc., Grand Prosperity Hotels & Leisure Corp., and Grand Stallion Hotels & Amusement Inc.
