Roxas Holdings Inc. said Friday it couldn’t beat the 31 May deadline for the submission of second-quarter earnings report, effectively extending indefinitely the voluntary suspension it sought on May 20.
The company initially sought a voluntary trading suspension, which was supposed to end Friday, to avoid speculation on its shares following the disclosure of businessman Leandro Leviste, founder of Solar Philippines, that his privately-held firm Countryside Investments Holdings Corp. has reached an agreement with the MVP Group to acquire a 71 percent stake in RHI.
“RHI acknowledges that the trading suspension of RHI will continue indefinitely until such time that the Company is able to file its Quarterly Report and pay any penalty and/or otherwise comply with PSE directives arising from such delay/failure,” RHI told the Philippine Stock Exchange.
RHI said that in connection with the non-binding term sheet executed by the Company, First Pacific Natural Resources Holdings, BV and First Agri Holdings Corp. and Countryside Investments, “the company informs the public that negotiations are still ongoing and no definitive agreement has been executed.”
