PSE still wants Calata to con­duct ten­der of­fer

Business World - - CORPORATE NEWS - Arra B. Fran­cia

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. —

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