The Philippine Stock Exchange as also penalized Liberty Telecoms Holdings Inc. for its failure to disclose the reassignment of frequencies to the investing public.
The PSE in notice posted on its website said it imposed a penalty against Liberty Telecoms for non-disclosure of the re-assignment of frequencies from its unit Tori Spectrum Telecom Inc. to Bell Telecommunication Philippines Inc. and its subsequent approval by the National Telecommunications Commission.
The PSE said Liberty Telecoms failed to disclose the re-assignment of the frequencies in the annual and quarterly reports filed with the exchange.
The exchange also penalized the company for delayed disclosure of the letter from the Securities and Exchange Commission regarding the tender offer to Liberty Telecom’s minority shareholders.