Four publicly listed companies have been sanctioned by the Philippines Stock Exchange for their failure to comply with the requirements under the consolidated listing and disclosure rules.
These companies are Cosco Capital Inc. of bilyonaryo Lucio Co, businessman Eusebio Tanco’s STI Education Systems Holdings, Philab Holdings Corp. and PICOP Resources.
Philab and PICOP were both found to have violated Sections 17.6, 17.12, and 17.13 of Article VII of the rules as well as rules on minimum public ownership.
These sections require issuers to submit a report on the number of their shareholders owning at least one board lot each within five trading days after the close of each calendar month, as well as submission of the list of top 100 stockholders and report on foreign ownership.
Cosco, for its part, was penalized for violation of Section 4.1, which requires the disclosure of material information, particularly any proposed amendment to the articles of incorporation and bylaws and its subsequent approval.
STI, meanwhile, was found to have violated the rule that mandates issuers to disclose the direct and indirect ownership of its directors and principal officers in its securities within five trading days.