MANILA - Some minority shareholders of agribusiness firm Calata Corp oppose their chairman's plan to move the company to a cryptocurrency trading platform, a representative said Friday.

Cryptocurrencies, when used to run away from regulators can be considered a scam, shareholder Alfred Reiterer told ANC’s Market Edge with Cathy Yang.

"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 said.

Calata will propose the cryptocurrency shift to shareholders, after the Philippine Stock Exchange threatened to desist the company for alleged violation of disclosure rules.

Shareholders should be given the opportunity to decide whether or not to leave Calata through a tender offer, BDO Capital president Ed Francisco said earlier this week.

“If the top management is looking for ways and means to diversify, you have to ask yourself whether sticking to this company is the way to go for you as an investor,” AB Capital investment manager Migs Lopez told ANC.