The Philippine Stock Exchange Inc. on Tuesday said the trading of Abra Mining and Industrial Corp. shares remain suspended and its delisting will proceed as a matter of course at the bourse.
The PSE said it is “left with no alternative” after the Securities and Exchange Commission’s Markets and Securities Regulation Department confirmed “that there were indeed illegally issued shares circulating on the market and its resolution revoking AR’s registration statement and corresponding permit to sell securities”.
“In view of SEC’s findings contained in its April 8, 2024 decision, minority stockholders of AR may, individually or as a group, consult their counsel and seek legal advice on available remedies under existing laws,” the PSE said.
It recommends Republic Act 11765 or the Financial Products and Services Consumer Protection Act which provides financial consumers protection against fraudulent practices and extends them expeditious remedy for the enforcement of claims.
The SEC has authority to adjudicate complaints under FPSCPA such as damages not exceeding P10 million.
Abra Mining shares were last traded on March 3, 2021 and closed at P0.0046 apiece.
The SEC has fined the enterprise more than P560 million for the unauthorized and fraudulent trading of unissued and unlisted shares from 2015 to 2019.
