Issue of November 5, 2017

Panagbenga Flower Festival
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Supermarket chain rumored to partner with market developer
by Rimaliza A. Opiña

The umbrella organization of vendors associations at the city public market is leaving the fate of the market development to the city council.

Reacting over the final directive of the Philippine Stock Exchange issued last September delisting Uniwide Holdings Inc. as a publicly listed corporation, Bamarva president Zosimo Abratique said the city council should be decisive and consider rescinding Uniwide’s contract. He said the PSE decisions as well as previous orders of the Securities and Exchange Commission ordering dissolution of the company are enough bases for the city government to consider looking for other entities that have the financial capacity to develop the market.

“Technically, there is still a valid contract. But it is ineffective because one of the parties is incapable [of performing its obligation],” Abratique said.

The city council previously discussed rescission of Uniwide’s contract and one of the issues raised was even if Uniwide has financial problems nothing should bar them from dealing with other entities that can finance its project.

For the Bamarva, the contract is specific with Uniwide only, not with another company that the developer might be planning to partner with.

The PSE has imposed an involuntary delisting on Uniwide from the roster of publicly-listed companies in February and issued its final decision in September.

A company that is delisted from the PSE means they cannot sell stocks. Since 2010, the PSE suspended Uniwide’s trading of stocks. The PSE issued a final decision because of Uniwide’s failure to submit annual and quarterly reports, delayed submission of reports about ownership, stockholders report, and public ownership report.

Meanwhile, as the public awaits the final decision of the city government, talks are rife among stakeholders at the public market that Uniwide will be partnering with supermarket chain, Puregold to undertake the development.

Abratique said he also heard of such information but this has not been confirmed. He said there were other companies mentioned in the past but turned out to be untrue.

“SM was also mentioned in the past but for now it is all hearsay,” Abratique said.

Puregold is one of the fastest growing supermarket chains in the country today. As of 2016, it is operating 329 stores nationwide.

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Baguio Country Club
Department of Tourism – CAR
University of Baguio
Venus Parkview Hotel

Congressman Mark O. Go
Department of Health – CAR
Kings College of the Philippines
Lepanto Consolidated Mining Company
Mayor Mauricio G. Domogan
Narda’s Handwoven Arts & Crafts Inc.
Philex Mining Corporation
Pines City Colleges
Province of Benguet
Sangguniang Panlungsod
SM City Baguio
Social Security System

Assumption Medical Diagnostic Center
Baguio Center Mall
Baguio Central University
Baguio Heart and Lung Diagnostic Center Inc.
Baguio Memorial Chapels Incorporated
Baguio Water District
Bureau of Fisheries and Aquatic Resources – CAR
C & Triple A Supermart
Congressman Ronald M. Cosalan
Curamed Pharmacy
Data Center College of the Philippines of Baguio City Inc.
Department of Agriculture – CAR
Department of Environment and Natural Resources – CAR
Department of Trade and Industry – CAR
Department of Transportation – CAR
Easter College Incorporated
Fabulo Beauty and Image Salon
Fast East Pacific Commercial
Filipino–Japanese Friendship Association of Northern Luzon, Inc.
GMS Technology
Immigration Network Services, Inc.
La Funeraria Paz, Inc.
Mayor Romeo K. Salda
MMS Development Training Center Corporation
Mother Earth Deli Basket
National Economic & Development Authority–CAR
Overseas Workers Welfare Administration
Philippine Science High School – CARC
R.A. Gapuz Review Center
Regional Tripartite Wages and Productivity Board – CAR
Solibao – Ganza Restaurant
Technical Education and Skills Development Authority

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