Asiabest avoids PSE suspension after submitting quarterly report

The Philippine Stock Exchange did not suspend trading of Asiabest Group International (ABG) after the ousted owner of Okada Manila beat the final deadline for the submission of its financial report.

ABG submitted its second quarter report, which was due on August 22, an hour before the start of trading last Friday.

“Given the company’s compliance with the structured reportorial requirements of the Exchange, the trading of its shares will not be suspended today, September 2,” said PSE. ABG fell 2.7 percent to P3.66 on September 2.

ABG reported a net loss of P3.231 million in the first six months of 2022, down seven percent from P3.477 million a year ago. ABG’s capital deficiency jumped 11 percent year on year to P44.144 million in the first six months this year.

ABG has been having difficulty accessing its financial documents since its representatives were forcibly ousted by Japanese billionaire Kazuo Okada last May.

Okada fallout: PSE threatens to suspend Asiabest Group for failing to file quarterly report