PSE moves to strike off Calata from stock registry, requires it to make tender offer
The Philippine Stock Exchange remained firm in its position and ordered the delisting of the beleaguered agribusiness firm Calata Corp. for repeated violations of the disclosure rules.
The local bourse also directed Calata to make a tender offer for the shares held by minority investors to give them the opportunity to exit the company.
“The effective date of delisting will take into account the timetable of the company for the conduct of a tender offer to the public stockholders of the company as of June 30, which the exchange required the company to undertake in order to provide public stockholders an exit mechanism,” the PSE said.
” While the trading of the shares of stock of the company has been suspended since June 30, the exchange is cognizant of the urgent need to apprise the investing public of the latest update on the delisting of company,” the bourse added.
The PSE also slapped Calata with concommitant penalties.
Calata had previously said it could not afford buying the shares of public shareholders, which hold more.than 70.percrent of the company.
The tender offer would cost the company about P1 billion.
Calata dangled a proposal to list its shares on a cryptocutrency exchange.should it be delisted from the exchange.
Some minority shareholders, however, frowned on the company’s proposal !and just wanted to be bought out.