PSE initiates delisting of Abra Mining

The Philippine Stock Exchange said Tuesday it will initiate the delisting process for Abra Mining and Industrial Corp., after the company and its directors and officers were found to have allegedly engaged in unauthorized and fraudulent trading activities.

“With the SEC Markets and Securities Regulation Department’s confirmation 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, the PSE is left with no alternative except to maintain the trading suspension on AR shares and proceed with the initiation of delisting proceedings pursuant to its Involuntary Delisting Rules,” the PSE said in a statement Tuesday.

The PSE said minority stockholders of Abra Mining may, individually or as a group, consult their counsel and seek legal advice on available remedies under existing laws.Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act provides protection to financial consumers against fraudulent practices and provide them with an expeditious remedy for enforcement of claims.

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