By Eileen Mencias | Bilyonaryo.com

(PHOTO: BILYONARYO.COM)

The Philippine Stock Exchange (PSE) has penalized four listed companies for breaching various disclosure and compliance rules.

Beloy-led Abra Mining and Industrial Corporation, whose shares have been suspended since March 2021 for trading unissued and unlisted shares, was flagged again—this time for failing to submit required reports on its shareholder count and foreign ownership.

NOW Corporation, owned by businessman Mel Velarde, violated the PSE’s amended minimum public ownership (MPO) rule. Under current regulations, listed companies must immediately disclose if their public float falls below the required threshold and must submit monthly reports until compliance is restored.

Atlas Consolidated Mining and Development Corp., a joint venture between the Sy family and Ramos Group, was penalized for delayed disclosures of board and stockholder resolutions related to material transactions.

The company also failed to promptly report amendments to its articles of incorporation and by-laws, which are required to be disclosed upon approval by the Securities and Exchange Commission.

PXP Energy Corp., chaired by Manny V. Pangilinan, was cited for failing to report changes in its board and senior management.

The company last disclosed the January 30, 2025 resignation of Diana Pardo-Aguilar, the Social Security System’s board representative. She was succeeded by Eva B. Arcos weeks later, without timely disclosure.

The PSE has reiterated its call for listed companies to adhere strictly to disclosure rules in order to maintain market transparency and investor trust.

Source: Bilyonaryo.com