PSE flip-flops on San Miguel disclosure penalties

The Philippine Stock Exchange (PSE) has reversed its recent decision imposing a monetary penalty on diversified conglomerate San Miguel Corp. for its failure to disclose the date of the signing of the deal to acquire 27 percent of Manila Electric Co. (Meralco).

In a letter to San Miguel on Wednesday, Roy Joseph Rafols, head of PSE’s issuer regulation division, said they have accepted San Miguel’s explanation on the matter and granted its request for reconsideration.

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