The Philippine Stock Exchange said Thursday it penalized eight listed companies including conglomerate San Miguel Corp. for violating listing and disclosure rules.
It said in a notice posted on its website San Miguel, Del Monte Pacific Ltd., F&J Prince Holdings Corp., Manila Broadcasting Co., Medilines Distributors Inc., Panasonic Manufacturing Philippines Corp., Pryce Corp. and SOCResources Inc. were assessed penalties under the rules of the exchange.
These firms violated Section 7 and 17.11 of the listing and disclosure rules of the local bourse, it said.
Section 7 provides that listed firms holding any stockholders meeting should give the exchange a written notice at least ten days before the record date of the meeting.
Section 17.11 also provides that listed firms should submit to the exchange the list of stockholders entitled to vote at a regular or special stockholders meeting no later than five trading days after the record date fixed by the issuer for the holding of such meeting.
The PSE did not disclose the amount of penalty imposed against the firms.
Meanwhile, the PSE said it continued to promote financial literacy amid market volatility.
“The current situation in global financial markets highlights the importance of investor education and the need for investors to understand the investment they are getting into, including the risks in investing and how to manage such risks,” said PSE chief operating office Roel Refran during the bell-ringing ceremony for the Financial Literacy program of the World Federation of Exchanges.
“Investor education, however, is not only for those who are preparing to put in their hard money into investment instruments. It is equally important for the general public to know what the legitimate investment instruments are and the proper channels to tap for investments. We say this because investment scams continue to proliferate, and the perpetrators of these scams are more prepared and sophisticated,” Refran said.