Basic Energy Corporation has vowed to submit its financial reports to the Philippine Stock Exchange (PSE) prior to the “ultimate deadline” of June 1 after receiving a suspension warning from the local bourse.
In a disclosure to the PSE, Basic Energy said “it would like to relay its assurance that the said reports are currently being finalized and are expected to be filed soon,” The company further pointed out that it has encountered delays in auditing its subsidiaries acquired in December 2021.
“This brought about matters where significant first-time thorough audit procedures were required to be undertaken to establish beginning balances and properly consolidate all data,” the company added.
Basic Energy is among the 11 companies the PSE warned of a trading suspension for failing to submit their 2021 annual reports and the quarterly report for the first quarter of 2022. The documents were due last May 16.
Nonetheless, the company disclosed its 2021 income statement to the PSE, registering a Php109.79 million profit last year.
In October 2021, Basic Energy acquired 60% of independent oil firm Filoil. Come December, Basic Energy named Filoil owner Ramon Villavicencio as its chairman, replacing the late Oscar De Venecia, Sr. Also among those the PSE warned was Century Peak Holdings Corporation. Its subsidiary, Century Peak Energy Corporation, was endorsed by the Department of Energy to the Board of Investments last year to bring in 20,000 electric vehicles into the country.
