Business

PSE punishes Cirtek for false disclosures on shares owned by Jerry Liu, top exec, public since 2019

The Philippine Stock Exchange has penalized antennae-maker Cirtek Holdings Philippines for filing misleading reports since 2019.

The Philippine Stock Exchange has penalized antennae-maker Cirtek Holdings Philippines for filing misleading reports since 2019.

PSE caught Cirtek, owned by Taiwanese businessman Jerry Liu, of failing to disclose changes in ownership of its director and principal officers; making inaccurate reports on the shareholdings of its principal officer; and giving misleading information in the quarterly public ownership reports

“Pursuant to Article VIII, Section 4 on Publication of Penalties Assessed under the Consolidated Listing and Disclosure Rules of the Exchange, please be informed that the Exchange has imposed on the listed company mentioned below the corresponding sanctions for failure to comply with the requirements under the Rules,” the PSE said.

Liu, through Camertheus Holdings, reported only selling 698,100 TECH shares at P6 each (P4.2 million) in April 2020. But in his amended report last week, it was revealed that Liu actually dumped 914,690 shares at P6 each (P5.5 million).

Cirtek also failed to disclose the shareholdings of its acting chief financial officer and deputy corporate information officer Gina B. Gillen when it announced her appointment in February 2019. In the amended report, Cirtek disclosed that Gillen owned 2.33 million shares of Cirtek two years ago.

Based on its public ownership reports, Cirtek’s public float has nearly doubled over the last 12 months – from 33.28 percent as of January

During the period, Liu’s stake dropped to 33.29 percent in 2021 from 49.85 percent in 2020. Goverment Service Insurance System has already disposed its entire 1.25 percent stake in the company while Social Security System continued to have a 3.25 percent stake (P103.55 million at current market price).

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