This is with reference to ABS-CBN Corporation’s (“ABS” or the “Company”) disclosure under C03190-2020 dated May 6, 2020 regarding the Cease and Desist Order (“CDO”) issued by the National Telecommunications Commission (“NTC”) against the Company on May 5, 2020. Please refer to the Company’s disclosure for the details.
Under the PSE Disclosure Rules, the Exchange is mandated to ensure that the investing public has access to full, fair, timely and accurate information where such information may reasonably be expected to materially affect the market activity and the price of securities. Pursuant to the foregoing basic principle and disclosure standard, the Exchange required the Company to submit a full disclosure on the impact of the CDO on the business, financial condition, operations, and prospects of the Company, as well as its business continuity plan, risk mitigation measures, and such other material information for the investing public.
In view of the foregoing CDO issued by the NTC that prohibits the Company from continuing its broadcast operations, and pursuant to existing rules, applicable laws and regulations in order to maintain a fair, efficient and orderly trading market, the Exchange will implement a trading suspension on ABS’ shares and the Philippine Deposit Receipts issued by ABS-CBN Holdings Corporation (“ABSP”) effective at 9:00 a.m. today, May 6, 2020.
The trading suspension shall be lifted one (1) trading day after dissemination of the full disclosure to the investing public.
For your information and guidance. |
NOTICE