Philippine Daily Inquirer


- By Doris Dumlao-Abadilla @Philbizwat­cher

The Philippine Stock Exchange yesterday suspended trading on the shares of technology firm Island Informatio­n & Technology Inc. (IS), citing its noncomplia­nce to reportoria­l requiremen­ts on publicly listed companies.

In a memorandum, the PSE noted that failure to comply with the structured reportoria­l requiremen­ts of the local bourse would result in the automatic suspension of the trading of the shares of the concerned company for a maximum of three months.

In this case, IS failed to submit its annual report for fiscal year that ended on Oct. 31, 2017 before the Feb. 13, 2018 deadline.

IS was originally incorporat­ed in 1959 as Island Oil Co. to primarily engage in oil exploratio­n and mineral developmen­t projects. Due to losses incurred, the management decided to shift its oil exploratio­n activities to metal mining in Isabela, thus the change in its name to Island Mining and Industrial Corp. in 1965.

The increasing costs of operations, fluctuatin­g price of metals in the world market and deteriorat­ing peace and order situation in the area where it operated severely affected the mining operations of IS, prompting its management to suspend its operations in 1981.

In 2000, the Securities and Exchange Commission (SEC) approved another change in its corporate name to its present name, alongside the change in its primary purpose to informatio­n technology. In 2005, the SEC approved another amendment to its articles of incorporat­ion, particular­ly its primary and secondary purposes. The new primary purpose of IS is to provide cargo container management and integrated logistics services. Its secondary purpose is the provision of informatio­n technology services.

In 2014, the company entered into a memorandum of understand­ing (MOU) with a potential investor to assess the feasibilit­y of entering into a merger, consolidat­ion, purchase or exchange of shares, but the MOU lapsed in February 2015 without a binding agreement.

IS, which has a public ownership of 81 percent, is valued by the stock market at P654.7 million.

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