In re Acropolis North Water Camp and Country Club, Inc.

March 4, 2019 SEC-CGFD ORDER NO. 054-19 IN THE MATTER OF: ACROPOLIS NORTH WATER CAMP AND COUNTRY CLUB, INC. PETITION FOR VOLUNTARY REVOCATION OF THE REGISTRATION OF SECURITIES AND CERTIFICATE OF PERMIT TO SELL SECURITIES ORDER OF REVOCATION Submitted for consideration of the Commission En Banc is the Petition for Voluntary Revocation of the Registration of Securities and Certificate of Permit to Sell Securities filed by ACROPOLIS NORTH WATER CAMP AND COUNTRY CLUB, INC. praying that the Registration of and Certificate of Permit to Sell Securities be revoked pursuant to SRC Rule 13.2. HTcADC The Club cited the following as bases for the grant of the Petition: 1. The Club has only eight (8) shareholders. Sta. Lucia Realty & Development holds 993 Silver Shares while the remaining seven (7) stockholders own 1 Gold share each. 2. It has not sold shares to the public from the date it was granted a Permit to Sell Securities on April 2, 2004. As such, it has been suffering losses and its facilities have already deteriorated and that it would be best to operate its club on profit with the infusion of fresh capital for the renovation of its existing structures and construction of new ones. 3. The Club does not qualify as a public company, having total assets of Fifty-Eight Million Four Hundred Ninety-Three Thousand Seven Hundred Twelve Pesos (P58,493,712.00) and eight (8) shareholders only, and is not listed on any Exchange. 4. In a special meeting of the company's Board of Directors held on 22 February 2016, it was resolved to voluntarily revoke or cancel the registration of its securities with the Commission. 5. On February 7, 2019, the Club paid the assessed penalty in the amount of Two Hundred Eighty Thousand Pesos (P280,000.00) for violations of Corporate Governance Requirements. Finding the instant Petition to have fully complied with SRC Rule 13, the Commission, in its meeting held on 28 February 2019, resolved to GRANT the company's request for voluntary revocation of its Registration of Securities and Certificate of Permit to Sell Securities subject to the following conditions: 1) Publish once in a newspaper of general circulation an information regarding the revocation of ACROPOLIS NORTH WATER CAMP AND COUNTRY CLUB, INC.'s Registration of and Certificate of Permit to Sell Securities within five (5) days from the receipt of notice from the Commission of the revocation of its registration and permit; 2) Submit an Affidavit of Publication of the notice in a newspaper of general circulation with a copy of the newspaper within five (5) days from the time the notice is published; and 3) Comply with the reporting requirements of the Commission under the Revised Corporation Code. SO ORDERED . March 4, 2019, Pasay City. aScITE (SGD.) RACHEL ESTHER J. GUMTANG-REMALANTE Officer-in-Charge