Bilyonaryo - Business

PSE fines Lucio Tan’s PAL Holdings for disclosure violations

January 31, 2023

Bilyonaryo.com

Ultra bilyonaryo Lucio Tan’s PAL Holdings has been penalized by the Philippine Stock Exchange for non-compliance with the disclosure rules.

In a notice to the public, the PSE said PAL violated Section 4.1 and 17.5 of its rules.

Under Sec. 4.1, issuers are required to disclose to the exchange once they become aware of any material information or corporate act, development or event within 10 minutes from receipt of such information or the happening of said act or event.

Disclosure must be made to the PSE prior to its release to the news media. It must be made within 24 hours from the time of initial disclosure.

Sec. 17. 1, on the other hand, requires any person who is directly or indirectly the beneficial owner of any equity security of a listed issuer or is a director, officer or principal stockholder thereof to submit the necessary reports.

Related News Tags: disclosure violations, Lucio Tan, PAL Holdings, Philippine Airlines, Philippine Stock Exchange

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