The Philippine Stock Exchange (PSE) penalized First Gen Corp. and DoubleDragon Corp. for violating the bourse’s disclosure rules.

First Gen, a power producer controlled by the billionaire Lopez family, was found in violation of multiple provisions under Article VII of the PSE Consolidated Listing and Disclosure Rules, including Sections 1, 2, 4, and 16.

The infractions come amid an internal family dispute regarding First Gen’s acquisition of a minority stake in the hydropower projects of Prime Infrastructure Capital Inc., the infrastructure arm of billionaire Enrique Razon Jr.

Under the PSE’s consolidated rules, listed companies are legally bound to provide full, fair, and timely disclosure of material corporate information to ensure a level playing field for retail and institutional investors.

Section 1 and Section 2 establish the baseline requirements for listed issuers, mandating the continuous supply of both structured periodic reports and unstructured updates regarding major corporate developments. These rules are designed to give the investing public adequate data to evaluate whether to buy, sell, or hold securities.

First Gen also fell short of Sections 4.1, 4.2, 4.3, and 4.4, which govern the immediate disclosure of board-approved events or transactions that could materially swing a company's stock price. This includes specific corporate actions such as private placements, share swaps, or the issuance of new shares.

Furthermore, the company violated Section 16, which forces issuers to update or correct previous disclosures within 10 minutes if subsequent events render the prior information inaccurate or misleading.

Separately, DoubleDragon, a property developer co-founded by modern-grocery tycoon Edgar "Injap" Sia II and fast-food billionaire Tony Tan Caktiong, was penalized for violating Sections 1 and 16 of the same disclosure article.

The exchange did not disclose the specific monetary fines or sanctions imposed on First Gen and DoubleDragon.