PSE still hop­ing Calata will make ten­der of­fer

Manila Bulletin - - Business -

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)

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