Stock Commentary

PSE puts Boulevard Holdings on notice for failing to submit 2020 report

Merkado Barkada
PSE puts Boulevard Holdings on notice for failing to submit 2020 report

Boulevard Holdings’s [BHI 0.07 5.26%] fiscal year ends on May 31st, so its audited annual report was supposed to have been submitted by September 13, 2021. BHI applied for a 15-day extension, citing that its “consolidation of the financial statements is still in process.”

That new deadline was September 28, 2021, which BHI also failed to meet, as indicated by the PSE’s notice of Non-Compliance with Structured Reportorial Requirements of the Exchange and Possible Trading Suspension, which said that BHI will face a trading suspension if it does not submit the audited annual report by October 14, 2021. That’s this Thursday.


In a weird COVID twist, if BHI eventually gets suspended for failure to submit an annual report, it will be for the second time in the last eight months. That’s right: BHI was suspended in February of 2021 for its failure to submit audited financials for its year-end in May 2020.

At that time, BHI blamed the inability of auditors to enter into its Boracay property for the delay, but this time, the document does not make any such claim. It’s bad enough for a company to have its stock suspended once for a failure to report; investors could probably have been convinced to overlook the error through an appeal to COVID-related goodwill, but BHI should not be given the benefit of the doubt if this were to happen again.

I don’t know what’s going on with this company, but it feels like there are some significant shortcomings at the board or executive level if shareholders are left to worry about the tradability of the stock each year at the annual report submission deadline.

This stock has been in the news for cloud talk about some large projects (like the Enrique Razon project in Cavite), but if it can’t do the basics, what’s going on here?


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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.

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