Minority investors to Joseph Calata: Buy us out or get out
A group of minority shareholders of Calata Corp. is demanding the firm’s president and chairman Joseph Calata to buy them out or leave the company.
Alfred Reiterer, who represents some small shareholders of Calata, said they wanted a new investor group to come in to safeguard their interest.
“The solution is not cryptocurrency We believe the solution is very simple, either Mr. Joseph Calata is buying our shares or we are going to buy his shares, because we believe it’s not going to work with the 2 groups and it’s simple,” Reiterer told ANC’s Market Edge with Cathy Yang.
Reiterer said his group has consolidated about 14 percent in voting rights, which represent around 60 percent of Calata’s public float and was moving to appoint a representative on the company’s board of directors.
Minority investors are likewise pleading to the Philippine Stock Exchange not to proceed with the delisting of Calata.
The Inquirer earlier reported that the PSE board had approved the delisting of Calata for multiple violations of the disclosure rules. According to the same report, the PSE would require Calata to buy out minority investors to allow them to exit if things do not go according to plan.
Trading on Calata shares has been suspended since June 30.