PSE suspends trading of Phoenix Petroleum, DFNN, 4 others
Six companies, including Phoenix Petroleum and DFNN Inc., were suspended from trading by the Philippine Stock Exchange (PSE) on Thursday for failing to submit their annual financial reports despite an extension.
Phoenix Petroleum is owned by Davao-based tycoon Dennis Uy while DFNN Inc. belongs to businessman Ramon Garcia Jr.
The other companies affected are TKC Metals, Manila Jockey Club, MJC Investments, and IPM Holdings.
DFNN cited the outpacing of Philippine accounting standards due to modern business strategies as the reason for the delay in submitting its audited financial statement.
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