IS to resume trading sans fresh business prospect
After four years of suspension due to failure to submit mandatory financial reports, Island Information & Technology, Inc. (IS) will resume its stock trading on July 7—but still without any clear prospect to revitalize operations.
The Philippine Stock Exchange announced on Friday that IS had finally submitted annual reports for the years 2020 to 2023 as well as quarterly reports for the periods ended January 2021 to July 2023 and April 2025.
As the company has complied with its reportorial obligations, the PSE agreed to lift the trading suspension on IS that has been in effect since March 18, 2021.
Considering the long-time suspension, the PSE added that the trading band (static threshold) on the price of IS shares would be lifted upon the resumption of trading on Monday.
IS last traded at 14.4 centavos on March 17, 2021, giving it a market capitalization of P703 million.
Originally incorporated in 1959 as an oil exploration and mining firm, the current primary purpose of IS is to provide cargo container management and integrated logistics services. The secondary purpose is to provide information technology.
Based on its latest financial statement, however, the company has minimal operations. Its revenues are not sufficient to cover all operating costs and expenses.
As a result, it posted losses and has accumulated deficits, thus causing it to post negative shareholders’ equity as of April 30, 2024. Its deficit as of Oct. 31, 2024 amounted to P157 million.
“At this time, the company is still nonoperational as management studies [the] best course of action. It is worth noting that the Company does not have significant debts to pay,” the company said.
“For the past five years, the company’s management had been in search for possible joint ventures and/or other investors for a potential profitable business,” it added.
