Del Monte Pacific suspended from trading on report filing lapse – BusinessWorld Online
THE Philippine Stock Exchange (PSE) suspended trading of Del Monte Pacific Ltd. (DELM) shares on Tuesday after the company failed to file its annual report for the fiscal year ended April 30.
In an Aug. 8 filing, DELM said it could not submit its annual report (SEC Form 17-A) within the deadline, citing complexities arising from recent developments involving its US subsidiaries.
It requested a 15-day extension to complete its financial review and audit.
“The requested period of 15 days extension is therefore necessary for the company to work on the recommendations (if any) so as to allow the company to finalize the audited financial statements of the company for FY2025,” DELM said.
The company missed the extended Aug. 28 deadline, violating the exchange’s reporting rules.
On Sept. 9, the PSE warned DELM that its shares could be suspended starting Sept. 15 for failing to meet the extension.
According to the company, the delay stemmed from its separation from US subsidiary Del Monte Foods Corp. (DMFI) on May 1, after DMFI filed for voluntary Chapter 11 bankruptcy in April.
DMFI secured $912.5 million in financing to sustain operations and, under court oversight, sold most of its assets.
The restructuring was intended to support the subsidiary’s recovery and ensure continuity of service. — Alexandria Grace C. Magno