PSE penalizes NOW Corporation over misleading "4th telco player" claim
The Philippine Stock Exchange (PSE) has penalized listed NOW Corp. over its misleading "fourth telco player" claim.
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NOW Corp. faces penalty after claiming "fourth telco player" status
This was posted on the PSE website last February 15, also citing two other violations against the Velarde-led firm.
The PSE said NOW Corp. presented the claim to the investing public "without sufficient basis."
It made the statement in September after receiving the license to install, operate, and maintain a nationwide mobile telecommunication system including 3G, 4G, 5G, and beyond.
However, Department of Information and Communications Technology (DICT) Secretary Gregorio Honasan 2nd, himself, debunked on October 6 its claim as the new challenger to PLDT and Globe Telecom, including third telco DITO Telecommunity.
Yung NOW po, hindi po. From where we see it, after further inquiry hindi pa po yun fourth telco, the official said during a Senate hearing.
While there are about 40 telcos in the country, these are small players. The country only has three major players, Honasan stressed.
Former DICT chief Eliseo Rio said NOW Corp.'s claim was only aimed at increasing its share prices.
They have been saying that since around two years ago to boost their stocks, Rio said.
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