Stock exchange orders delisting of Calata Corp

ABS-CBN News

Posted at Nov 07 2017 06:04 PM

MANILA - The Philippine Stock Exchange has ordered the delisting of agribusiness firm Calata Corp. for violation of disclosure rules.

The PSE said it decided on Nov. 3 to order the delisting of the company's shares from the official registry of the stock exchange, and the imposition of penalties on Calata Corp. under the Exchange's delisting rules. 

The effective date of delisting however will depend on Calata's tender offer to allow its shareholders to unload their stocks, the PSE said. 

The stock exchange added that a separate announcement will be made on the date of delisting.

"The trading of the shares of stock of the Company shall remain suspended until effective date of delisting, without prejudice to any action that the Exchange may deem necessary to implement the tender offer," the PSE said. 

The PSE suspended trading in Calata shares last July.

Last week, company CEO Joseph Calata said he was seeking shareholder approval to move the company to a cryptocurrency trading platform using his own "calcoins."

A group of minority shareholders however said they were opposed to Calata's proposal, while at least one fund manager said investors should be give the option to stay or leave through a tender offer or share sale.