Three firms owned by multi-billionaire Manuel Villar and six other companies were slapped with trading suspensions by the Philippine Stock Exchange (PSE) due to late filing of financial reports for the year 2024.
Suspended were Villar’s Vistamalls, Vista Land and Golden MV Holdings. Others firms were AgriNurture Incorporated (ANI), Waterfront Philippines Incorporated (WPI), TKC Metals Corporation (T), Premiere Horizon Alliance Corporation (PHA), MerryMart Consumer Corporation (MM), and I-Remit Incorporated (I).
Villar, a former senator and one of the Philippines’ richest, based on the latest Forbes Magazine list of the world’s billionaires.
Based on PSE rules, companies must file their annual financial reports 105 days after the end of their fiscal year.
EXTENSION REQUEST
Since their suspension from trading, Villar’s three companies have requested for an extension to file their latest annual financial reports but the PSE has been adamant in its decision to disallow the trading of shares of Vistamalls Incorporated (STR), Vista Land & Lifescapes Incorporated (VLL, VLL2A, VLL2B) and Golden MV Holdings (HVN) after they failed to submit their 2024 annual report within the deadline.
“In this connection, please be informed that, as of the posting of this notice, the Company has not yet filed its Annual Report (SEC Form 17-A) for the year ended December 31, 2024. Given the foregoing, the trading of the Company’s shares shall be suspended effective today, May 16, 2025,” the PSE spelled out in separate notices of suspension for the three firms.
In the notices, the local bourse warned that trading of shares will be suspended if companies fail to comply with its reportorial requirements on time and before the deadline.
Vista Land’s real estate investment trust (REIT) vehicle was initially included in the list, but the PSE cleared it in a disclosure that the company had already submitted its annual report.
According to Villar’s firms, they need more time to finalize its first quarter report since it was still finalizing its audited 2024 financial statements.
“The request is due to the extended finalization of the Full Year Audited Financial Statements for the year ending December 31, 2024 which impacts the finalization of the First Quarter Financials specifically the Statement of Financial Position’s beginning balances,” they wrote to the PSE.
CONGRESS PROBE
In other business developments, SenatorRisa Hontiveros and the Makabayan bloc in the House of Representatives are seeking probes into lapses of PrimeWater, another company owned by Villar.
It remains to be seen if the House and Senate leaderships will go out of their way to schedule a hearing as they have little more than a month left before the 19th Congress adjourns for good.
Despite this, the water distribution firm has welcomed ‘meaningful dialogue’ to resolve concerns amid mounting concerns of poor service by PrimeWater.