PSE still hoping Calata will make tender offer

The Philippine Stock Exchange (PSE) is waiting to see if Calata Corporation will conduct a tender offer as an exit mechanism for minority shareholders although the bourse remains set on delisting the company. “Calata has been delisted. And we are just waiting for the terms. We required them to make a tender offer. So we’re waiting for their reply on how they will conduct their tender offer, if at all they will,” PSE President Ramon Monzon at the sidelines of the PSE’s Bell Awards of Excellence for Corporate Governance. However, Monzon admitted that Calata may opt not to conduct a tender offer. The company had earlier said that a tender offer will cost too much and liquidating its assets to raise the cash will drive it to bankruptcy. “Well if they don’t, we don’t have any police power. We cannot force them. But they keep talking about taking care of their small investors. So as they say, put your money where your mouth is,” said Monzon. The PSE decided to delist Calata after it was discovered that the company failed to disclose corporate developments and that its controlling shareholder and chairman Joseph Calata had sold shares during the lock-up period. (JAL)