January 31, 2020
SEC-OGC OPINION NO. 01-20
RE: PUBLICLY LISTED COMPANY
Quiason Makalintal Barot Torres Ibarra Sison & Damaso
21st Floor, Robinsons-Equitable Tower
4 ADB Avenue Cor. Pedro Poveda St.
Ortigas Center, Pasig City
Attention: Atty. Ruelito Q. Soriano,
Atty. Ma. Christine A. Aberin,
and Atty. Paulo S. Faustino
Gentlemen/Ladies :
This refers to your letter dated 19 March 2019 requesting an opinion on whether Energy Development Corporation (EDC) is still a publicly-listed company after its delisting from the Philippine Stock Exchange (PSE).
In your letter, you mentioned that EDC filed with the PSE a Petition for the Voluntary Delisting of its common shares, which the PSE approved in its Memorandum dated 23 November 2018. The delisting of the shares became effective on 29 November 2018.
Moreover, you acknowledged in your letter that EDC should comply with the SEC Memorandum Circular No. 6, Series of 2009, otherwise known as "Revised Code of Corporate Governance" (RCCG), since, at present, it still has debt securities which are registered with the Commission and listed with the PDEx and has assets in excess of Fifty Million Pesos (Php50,000,000.00) and more than...
