The Philippine Stock Exchange (PSE) has imposed penalties on three listed companies for their violations of listing and disclosure regulations.
The three companies facing penalties are Yuchengco-led House of Investments (HI), Okada Manila casino hotel operator Asiabest Group International Inc., and bilyonaryo Andres Soriano III’s A. Soriano Corp.
HI has been penalized for failing to adhere to Article III, Part A, Section 17 of the consolidated listing and disclosure rules, specifically regarding the lodgment of securities, in addition to a breach of the listing agreement.
In the case of Anscor, the company has violated Sections 4.1d and 10 of Article VII of the rules which pertain to the obligation for prompt disclosure of material information and the acquisition activities of the issuer’s subsidiaries and affiliates.
As for ABG, it has been deemed non-compliant with the regulations concerning backdoor transactions.
The PSE’s actions underscore the importance of maintaining transparency and compliance within the stock exchange to ensure a fair and orderly market.