These are the PSE rules that have been violated by ABS-CBN Corporation. Check them out below!
ABS-CBN CORPORATION – The Philippine Stock Exchange (PSE) sanctioned media and entertainment group, ABS-CBN Corp.
ABS-CBN network allegedly has tax issues says former President Rodrigo Duterte the reason why their franchise renewal has not been approved. To recall, the network officially shut down on July 10, 2020, leaving thousands of its employees jobless amid the pandemic.
The closure of the Lopez-owned broadcast firm also left millions of people sad and heartbroken. And some experts expressed before that this will have chilling effects on the economy. Also, many people lost a channel that can deliver them untimely news and these people are those from far-flung areas. The network has the widest reach and remained unmatched to this day.
The media company accordingly violated the following sections of Article VII of the rules of Consolidated Listing and Disclosure Rules of the Exchange according to a report from PhilStar:
- Sec.1 mandates a full, fair, timely, and accurate disclosure of material information from all listed companies.
- Sec. 4.1, on the other hand, requires issuers to disclose to the exchange any material information or corporate act, development, or event, within 10 minutes from the receipt of such information.
- Sec. 4.2 prohibits a listed company to communicate material non-public information to any person unless the issuer is ready to simultaneously disclose the material non-public information to the PSE.
- Sec. 4.3, on the other hand, calls for a disclosure to be made promptly by the issuer,
- such as if the information is necessary to avoid the creation of a false market for its securities, if it may reasonably be expected to materially affect market activity and the price of its securities, or if it is necessary to enable the issuer and the public to appraise their position or standing.
- Sec. 16 requires the listed company to update and correct prior disclosures within 10 minutes after receipt of the updated information or upon determination of the discrepancy, should subsequent events make a prior disclosure inaccurate.
Meanwhile, since the shutdown, the firm has been looking and exploring for partnerships. They have partnered with Netflix, Viu, WeTV, and iQIYI already and their shows migrated to their social media platforms.
READ ALSO:
- ABS-CBN Franchise: When BIR Exec Says Network Has No Tax Delinquency
- ABS-CBN Shut Down After A Year, #IbalikAngABSCBN Trends Online
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