Metro Retail Stores Group of the Cebu-based Gaisano clan is being penalized by the Philippine Stock Exchange (PSE) for the company’s failure to comply with the requirements of the consolidated listing and disclosure rules.
In particular, Metro Retail was found to have violated Section 9 of Article VII of the rules.
Section 9 requires listed firms to promptly disclose any planned acquisition of their shares or disposition of treasury shares.
It also mandates the submission of a disclosure regarding the actual number of shares and the transaction price for each acquisition or disposition of its own shares prior to the pre-open period of the next trading day after the transaction was executed.
Metro Retail posted a net income of P400.7 million in the first nine months of 2022, a turnaround from the P306.4 million net loss it incurred in the same priod a year ago.
The company earlier said it would continue to look for strategic opportunities to realize strong financial results in 2023.