PSE urges Abra Mining minority shareholders to seek counsel as delisting looms

This is AI generated summarization, which may have errors. For context, always refer to the full article.Minority stockholders of Abra Mining will need to band together to exhaust available legal remedies, as the Philippine Stock Exchange moves for the company's involuntary delisting

MANILA, Philippines – The Philippine Stock Exchange urged minority shareholders of Abra Mining Industrial Corporation to seek legal advice on available legal remedies, as the local bourse operator moves to delist the company following findings by regulators that the company engaged in trading fraud. earlier found the Beloy family-led company and its officers of engaging in fraudulent trading of unissued and unlisted shares from 2015 to 2019.

The PSE suspended the trading of Abra Mining shares in March 2021. It said it would remain suspended while the involuntary delisting procedures are initiated., shares of Abra Mining jumped to P0.013 a piece, a 1,525% increase from its usual price in recent years. At one point, fluctuations became so intense that it accounted for 80% of the Philippine market’s average daily transaction volume, as pointed out by Rappler stock market columnist Den Somera.

According to the conglomerate map posted on its website, Abra Mining has a sister company named Kadabra, and together, they formed a company called AbraKadabra Goldfields Corporation, which is supposedly in the process of SEC registration.Services Consumer Protection Act for minority shareholders to cite, as it aims to provide protection to financial consumers against fraudulent practices and provide them with an expeditious remedy for enforcement of claims.

“SEC has authority to adjudicate complaints under FPSCPA such as damages not exceeding P10 million,” the PSE said. –

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