In a report, the PSE said it has imposed corresponding sanctions against Jollibee for violating the Exchange’s rules, specifically “transactions of a director during the black-out period.”
The PSE did not name the Jollibee director who was trading the firm’s stock during the prohibited period.
Aside from Tan Caktiong (chairman), the other directors on Jollibee’s nine-member board are Ernesto Tanmantiong (president and CEO), William Tan Untiong (corporate secretary), Joseph C. Tanbuntiong (treasurer), Ang Cho Sit, Antonio Chua Poe Eng, former Chief Justice Artemio Panganiban, former Finance Secretary Cesar V. Purisima (independent), and Bank of the Philippine president and CEO Cezar P. Consing (independent).
During a blackout period, a publicly-listed company’s directors and specific employees are not permitted to trade their stock to prevent insider trading corporate insiders from unfairly benefiting – intentionally or inadvertently – from stock market transactions.
The blackout period covers five trading days before and two trading days after the disclosure of annual and quarterly reports; and three trading days before and two trading days after for unstructured reports such as board meetings and annual stockholders’ meetings.