AG Finance Inc. (PSE: AGF) has been assessed by the Securities and Exchange Commission (SEC) a penalty of PhP61,500.00 for its belated filing of certain reports as a financing company, failure to amend the principal office, and effecting a change in its annual meeting without properly amending its by-laws.
The reports which the company belatedly filed pertains to reports required as a financing company. The company has ceased its financing operations since it intends to operate as a holding company. As to the change of principal office, the company deemed it necessary to retain Metro Manila as principal office while its office in the 16th Floor Citibank Tower, Paseo de Roxas, Makati City was being completed.
With regard to effecting a change in its annual meeting without properly amending its by-laws, the company inadvertently indicated any day in June as the date of annual meeting in its 2016 GIS, which should have been last Friday of June.