Seven listed companies have been punished by the Philippine Stock Exchange for violation of the listing and disclosure rules.
8990 Holdings, AgriNurture, Harbor Star Shipping Services, Medilines Distributors, Primex Corp., and Premiere Horizon Alliance Corp. were penalized for violation of Section 17.12 of Article VII of the PSE rules.
Section 17.12 requires all listed firms to submit every quarter a list of their top 100 stockholders.
Meanwhile, Abra Mining and Industrial Corp. and Medilines were sanctioned for violation of Section 17.6 and 17.13 of Article VII of the rules.
Section 17.6 of Article VII manadates the submission by issuers of a report on the number of its shareholders that hold at least one board lot each within five trading days after the close of each month.
Section 17.13, on the other hand, requires firms with unclassified shares with foreign ownership limits to submit a report with the exact number of shares in the hands of foreign shareholders on a real-time basis every month, not later than the last working day of the first week of each month.