(Bloomberg) -- The Philippines' Securities and Exchange Commission will start an investigation into investors' complaints that some brokers failed to trade their shares in the nation's first real estate investment trust.
The corporate watchdog has issued show-cause orders against certain brokers after retail investors holding shares in AREIT Inc. made the complaint, SEC Commissioner Ephyro Amatong said in a mobile-phone message. An initial investigation showed the brokers' online systems were not prepared for trading REITs, which led to the rejection of their buy and sell orders, Amatong said.
AREIT, majority owned by Ayala Land Inc., listed on the Philippine Stock Exchange on Aug. 13 after an initial public offering that raised 12.3 billion pesos ($252 million). It closed at 24.10 pesos a share on Friday, down 11% from its IPO price of 27 pesos.
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