Property

PSE penalizes Mariano Martinez’s 8990 Holdings for insider trading during blackout period

The Philippine Stock Exchange has reprimanded 8990 Holdings chaired by Mariano Martinez for breaching the blackout period and delayed disclosure.

The PSE said a director and principal officer of the property firm made transactions during the blackout period, a legally-mandated period when insiders are barred from trading in the company’s shares to prevent them from unduly profiting from advance information. The PSE did not name the director or principal officer or the penalty.

8990 Holdings was also penalized for its delayed disclosure of the penalty imposed by the Philippine Competition Commission against the firm and an indirect subsidiary.

In October 2019, 8990 Holdings shelled out P27.11 million by the Philippine Competition Commission (PCC) after its subsidiary Urban Deca Homes Manila Condominium forced its buyers to use its in-house internet service provider (ISP) Fiber at its Tondo, Manila property.

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