Media and entertainment group ABS-CBN Corp. has been sanctioned by the Philippine Stock Exchange (PSE) for violating disclosure rules.
The PSE has imposed on the Lopez-led media company corresponding sanctions for failure to comply with the requirements pursuant to its disclosure rules.
ABS-CBN was found to have violated sections 1, 4.1, 4.2, 4.3 and 16 of Article VII of the rules of PSE.
Sec.1 mandates a full, fair, timely and accurate disclosure of material information from all listed companies.
Sec. 4.1, on the other hand, requires issuers to disclose to the exchange any material information or corporate act, development or event, within 10 minutes from the receipt of such information.
Meanwhile, Sec. 4.2 prohibits a listed company to communicate material non-public information to any person, unless the issuer is ready to simultaneously disclose the material non-public information to the PSE.
Sec. 4.3, on the other hand, calls for a disclosure to be made promptly by the issuer,
such as if the information is necessary to avoid the creation of a false market for its securities, if it may reasonably be expected to materially affect market activity and the price of its securities, or if it is necessary to enable the issuer and the public to appraise their position or standing.
Lastly, Sec. 16 requires the listed company to update and correct prior
disclosures within 10 minutes after receipt of the updated information or upon determination of the discrepancy, should subsequent events make a prior disclosure inaccurate.
Last July 6, ABS-CBN clarified to the PSE news reports about the company’s partnership discussions with bilyonaryo Manuel V. Pangilinan’s TV5.
ABS-CBN pointed out that it “continues to explore various partnership opportunities as they become available to us.”