Minority shareholders of Calata Corp. want the Philippine Stock Exchange (PSE) to reconsider the agribusiness company’s delisting.
“[T]hey should set a hearing and listen to the minority shareholders,” foreign investor Alfred Reiterer said in a news conference on Friday.
“They don’t have to take our arguments into consideration if they don’t like it, no problem. But take time for a few hours and listen to the people, what they have to tell you,” he added.
Reports have said that the PSE board has confirmed Calata’s delisting due to repeated violations of disclosure rules. While an official decision has yet to be issued, Calata officials have announced plans such as the conversion of shares into cryptocurrency to keep the company viable.
A plan to sell an 81 percent stake to Millennium Global Holdings, Inc. fell through last month.
Last week, Calata President and CEO Joseph Calata said that he was looking to list the company on a cryptocurrency exchange within two months, with shares to be converted into “Calcoins”.
A PSE official has dismissed the plan, saying shares cannot be readily be converted into other securities unless the company’s articles of incorporation allow it.
Given the company’s situation, the minority group proposed that it or Calata look for an investor willing to purchase shares held by the public.
The addition of shareholder George Tan to the company’s board with the group claiming that it collectively holds about a 14 percent stake in the company.