THE Philippine Stock Exchange, Inc. (PSE) imposed sanctions on 10 listed companies for their failure to comply with Sections 7 and 17 of Article VII of Consolidated Listing and Disclosure Rules.
AllDay Marts, Inc.; AllHome Corp., Boulevard Holdings, Inc.; Filsyn Corp.; Jackstones, Inc.; PLDT Inc.; and Solar Philippines Nueva Ecija Corp. were all sanctioned for violating Sections 7 and 17.11 of Article VII of the rules.
Section 7 of Article VII states that listed companies should give written notice at least 10 trading days prior to the holding of any stockholders’ meeting.
Meanwhile, Section 17.11 of the rules states that companies should submit the list of stockholders who are entitled to notice and vote at a regular or special stockholders’ meeting within five trading days after the record date.
House of Investments, Inc. was sanctioned for the violation of Sections 17.6 and 17.13 of the rules, while Rizal Commercial Banking Corp. was sanctioned for violating Section 17.13.
Section 17.6 of Article VII states that issuers are required to submit to the PSE a report on the number of its shareholders that hold at least one board lot each. This report must be filed with the exchange within five trading days after the close of each month.
Meanwhile, Section 17.13 states that companies with unclassified shares with foreign ownership limits shall submit a report with the exact number of shares in the hands of foreign shareholders on a real-time basis. This should be submitted monthly not later than the last working day of the first week of each month.
Lorenzo Shipping Corp. was sanctioned for the violation of Sections 7, 17.11 and 17.12 of Article VII of the disclosure rules.
Section 17.12 of the rules states that all listed firms must submit to the PSE a list of their top 100 stockholders every quarter. The list is required to be submitted to the exchange’s disclosure department within 15 days after the end of each quarter.
According to Article VII of the rules, failure to comply with the structured continuing disclosure requirements will result in the imposition of fines or penalties.
A company with total assets amounting to less than P25 million based on its latest financial statement will be sanctioned a basic fine of P5,000, a per day penalty of P500, and a maximum penalty per year of violation of P50,000.
Meanwhile, a company with total assets of P1 billion and above will be meted a basic fine of P50,000, a per day penalty of P5,000, and a maximum penalty of P500,000. — Justine Irish D. Tabile
