The head of beleaguered agricultural firm Calata Corp. plans to take the company to a cryptocurrency exchange amid reports it has already been delisted from the Philippine Stock Exchange.
In a press briefing on Monday, company president and CEO Joseph Calata said he has been talking to three cryptocurrency exchanges based in Europe to list what he calls "Calcoins" within the next two months.
The PSE suspended trading in Calata shares last July saying the company violated disclosure rules.
A stock analyst said Calata seems to be trying to get away from regulation with the announcement of the planned move to cryptocurrencies.
Paul Angelo, senior equity analyst at Regina Capital Development Corp., said that while Calata's business in agriculture remains viable, there may be doubts about the company's current management.
"If they're having doubts that he (Joseph Calata) can really pull it off, then I would advise some investors to currently try to unload the Calata shares."
The Shareholders Association of the Philippines said last month that Calata and its officers may face criminal charges if the allegations against them are proven true.