Shares of Roxas Holdings will remain suspended for a longer period after the company failed to comply with the timely submission of required financial reports anew.
The company’s shares have been suspended for the past nine sessions for a different reason.
The debt-saddled sugar producer sought a voluntary trading ban to prevent speculation amid the proposed takeover of a majority stake by businessman Leandro Leviste.
This was expected to be lifted on Friday. However, the Philippine Stock Exchange said Roxas Holdings has yet to comply with the submission of its quarterly finances ending March 31 this year.
This will “merit the imposition of a continued trading suspension of its shares starting on May 31, 2024,” the PSE said on Friday.
Roxas Holdings had just resumed trading after a 66-day suspension on May 17, also for the late submission of required financial documents for the past year.
The recent voluntary trading suspension was imposed on May 20 after its shares surged following Leviste’s proposal to acquire the firm for about P5 billion.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
