PSE sanctions Bogo Medellin Milling Company for multiple violations
The Philippine Stock Exchange has slapped penalties on Bogo Medellin Milling Company Inc. for failure to comply with its disclosure requirements.
Publicly-listed companies are required to make timely disclosure on material information to the public.
In a disclosure, the PSE said Bogo Medellin Milling Company failed to comply with the following requirements:
• Non-disclosure of the details of the company’s 2016 special stockholders’ meeting
• Non-submission of information statement for the company’s 2016 special stockholders meeting
• Delayed disclosure of the board and stockholders’ approval of the amendments to its articles of incorporation
• Delayed disclosure of the board and stockholders’ approval of the declaration of stock dividends
• And, non-submission of the list of stockholders for the 2016 special stockholders’ meeting
Last October, the Capital Markets Integrity Corporation, the watchdog of the exchange, has asked Bogo Medellin Company to explain the unusual surge in its share price on October 19 when it spiked to P112.30 per share from P74.90. The company’s reply was that it was not aware of any material non-public information to cause the unusual movement in its share price.