PSE still wants Calata to conduct tender offer

THE PHILIPPINE Stock Exchange (PSE) is currently waiting for Calata Corp. to set the terms of its tender offer to shareholders before pushing through with the company’s delisting.

The local bourse last Nov. 3 decided to boot the company from the exchange due to multiple violations of PSE rules on the timely disclosure of material information that would affect investor decision.

“Calata has been delisted. And we are just waiting for the terms, we require them to make a tender offer. So we’re requiring, waiting on their reply on how they will conduct their tender offer, if at all they will, PSE President Ramon S. Monzon told reporters at the sidelines of the PSE Bell Awards in Makati City last week.

Calata Chairman and Chief Executive Officer Joseph H. Calata had earlier said that conducting a tender offer would be impossible, noting that it would effectively kill the company.

Based on a book value of around P3 billion, Mr. Calata said buying out minority stockholders would amount to at least P1 billion, much bigger than its retained earnings of P400 million by the end of June 2017. —