The Philippine Stock Exchange (PSE) will suspend trading in agro-industrial company Bogo-Medellin Milling Company Inc. (BMM) from February 15 for non-compliance with reporting requirements.
In a notice, the PSE said BMM had failed to submit its annual report (SEC Form 17-A) for the fiscal year ended September 30, 2021, by the extended deadline of January 28, 2022.
Failure to comply with reporting requirements is grounds for automatic suspension pursuant to Article VII, Section 17.8 on Penalties for Failure to Comply with Certain Structured Reporting Requirements under the Listing Rules and of consolidated disclosure of the PSE.
Request for extension
Last January, the company requested an extension of the filing deadline. It said its external auditors were “still reviewing the completeness and reasonableness of relevant disclosure requirements to ensure that the financial statements comply with certain revisions and changes to reporting standards”.
BMM, which was incorporated on June 4, 1928, with a factory located in Medellin, Cebu, is engaged in the milling and manufacturing of centrifugal raw sugar with molasses as a by-product. The raw materials are sugar canes from various sugar cane plantations belonging to about 438 planters in the district.
sugar cane plantations
In addition to the factory’s proximity to the sugar cane plantations, BMM has set up three transshipment stations, located to serve growers whose plantations are far from the factory. The cane yard on the factory site had been extended in 2010 to accommodate the canes delivered to the factory, with capacity remaining unchanged from 1994 at 3,000 tonnes of cane per day and three transshipment stations.
BMM’s wholly-owned subsidiary, BOMEDCO Agricultural Corp. (BAC), was established in 2000 to develop and cultivate private farmland, as well as to harvest, store, package and sell produce from that farmland. BAC produces sugar cane from its plantation for milling with BMM.
As of Monday’s close, BMM, which has been a public company since 1950, is valued by the stock market at 412.8 million pula. About 42.7% of its shares are held by the public.
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