By Eileen Mencias
The Philippine Stock Exchange has imposed a second sanction this month on Cabangon-Chua’s Citystate Savings Bank, this time for breaching disclosure regulations.
In a notice issued on June 20, the PSE said that Citystate violated its rules concerning the prompt disclosure of material information, specifically Article VII, Section 4.1.
This regulation mandates issuers to disclose material information or significant corporate actions within 10 minutes of receipt or occurrence.
The disclosure must be submitted to the exchange first before being released to the media, and the original copy must be submitted to the PSE within 24 hours of the initial disclosure.
On June 13, the PSE announced it had penalized Citystate for violations related to equity securities but did not disclose further details.
Additionally, on June 2, 2025, Citystate announced that it had received approval from the Bangko Sentral ng Pilipinas to sell and transfer a 26.3% stake in the bank to CS Capital, a subsidiary of CSC Holdings listed on the Hong Kong Stock Exchange.
