MANILA, Philippines - The Securities and Exchange Commission says it will complete its probe on the trading of shares in Calata Corp. by the end of the month.
This will pave the way for the prosecution of those behind Calata's post-listing price spike.
Calata stock surged three-fold from its IPO price of P7.50 a piece to P24 after its debut at the PSE last May. Calata now trades at P6.
The Capital Markets Integrity Corp., an independent watchdog that only started operating this year, submitted a report to the SEC last July on Calata's price spike.
SEC chairwoman Teresita Herbosa commended the CMIC for acting swiftly.
"They moved really fast. This is a big step for the Capital Markets Integrity Corp," she said.
Calata chairman and CEO Joseph Calata has repeatedly stressed the investigation is in the trading of the shares, and not in the company itself. - ANC