PSE probes listed firms linked to Tiu
MANILA, Philippines–The Philippine Stock Exchange (PSE) is scrutinizing the testimony of businessman Antonio Tiu, chair of publicly listed companies AgriNurture Inc. and Greenergy Holdings Inc., as he faces the Senate Blue Ribbon Committee amid allegations that he is a dummy of Vice President Jejomar Binay.
In a statement issued Tuesday, the PSE said it was monitoring the developments at the Senate hearings as these might involve dealings of companies listed at the PSE.
“We conduct monitoring for all listed companies to ensure that they adhere to our disclosure rules and that the investing public is properly informed. In the case of Greenergy and AgriNurture, we want to make sure that any narration of Mr. Tiu during the Senate hearings that are considered material developments have actually been disclosed or are properly disclosed to the public,” PSE president Hans Sicat said.
“Sunchamp Real Estate Development Corp. is not a listed company but any transaction of Sunchamp that may materially affect any listed company will still need to be properly disclosed by the concerned listed company,” Sicat added.
The PSE earlier sought clarification from Greenergy and AgriNurture pertaining to a news article on the involvement of Greenergy subsidiary Sunchamp Real Estate Development Corp. in a 350-hectare farm in Batangas. The clarificatory statements from Greenergy and AgriNurture were published by the PSE through its disclosure portal. Both denied any dealing with the local government of Makati City.
“If there are any illegal acts conducted by officers of listed companies that are proven true, this could have an impact on any application for listings of such company in the context of our suitability rules. If there will be continuous disclosure violations by any company that will be established by the exchange after the conduct of its own investigations and affording due process, they will also be subjected to penalties as provided by the PSE rules,” Sicat said.
Originally posted: 4:48 PM | Tuesday, November 4th, 2014
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