THE Philippine Stock Exchange lifted a P50,000 fine against San Miguel Corp. but warned the company to make prompt disclosures once it became aware of any material information.

San Miguel earlier asked bourse officials to reconsider the fine imposed last week after it failed to inform the Stock Exchange when it acquired a 27-percent stake in Manila Electric Co.

But San Miguel said it satisfied exchange requirements by submitting disclosures and providing additional information as required.

Last week, the Exchange said the closing date of San Miguel?s agreement to buy the government?s stake in Meralco was material information because it would let the investing public know the actual date for the delivery of the down payment.

But San Miguel argued that it issued a disclosure on Oct. 27 stating that the company had entered into an agreement with the Government Service Insurance System, and that the purchase price was P90 a share. The total purchase price amounting to P30 billion was payable in three years.

When the Exchange asked for a copy of the purchase agreement, it did not specify it wanted to know the date of its signing, San Miguel added.

It was only two months after San Miguel submitted additional information that the Exchange told the company it wanted to know the date the agreement was signed. Based on these circumstances, it would be unfair to impose the fine, the company said. Jenniffer B. Austria