The Philippine Stock Exchange has fined Dennis Uy’s Chelsea Logistics Holdings Corp. for delayed submission of structured reports.
Among the reports Chelsea failed to submit on time were those on foreign ownership and number of its shareholders.
The PSE imposes a basic fine of P50,000 for listed companies with total assets of P1 billion and above plus a P5,000 penalty per day of delay. The P5,000 per day penalty is capped at P500,000 per year per violation.
Apart from Chelsea, the PSE also fined PICOP Resources Inc. for nonsubmission of structured reports. (Eileen A. Mencias)
