Beleaguered Calata Corp. will be delisted from the Philippine Stock Exchange starting on Dec. 11.
The PSE said Friday it also rejected the appeal filed by Calata on Nov. 8, after the exchange issued a decision to proceed with the involuntary delisting of the company.
“After due consideration and evaluation of the arguments presented in the motion for reconsideration, the exchange resolved to deny the company’s motion for reconsideration for lack of merit,” the PSE said,
“Accordingly, the exchange affirmed with finality the delisting of the company’s shares from the official registry of the exchange and the imposition of the concomitant penalties under the exchange’s delisting rules,” it added.
The PSE decision, however, did not day if it would require Calata to conduct a tender offer to minority shareholders of the company.
Calata shares were last traded on June 30 when it closed at P2.04.
Under PSE’s delisting rules, a company delisted from the exchange could not apply for re-listing within five years.
Directors and executive officers of a delisted company are also disqualified from becoming directors or executive officers of any firm applying for listing within the same period.
The PSE in July initiated involuntary delisting procedure against Calata after it committed 55 disclosure violations which are grounds for delisting.
The PSE said Calata committed 29 violations of the disclosure rules from November 29, 2016 to June 20,2017.
Calata also committed 26 violations that prohibit directors or a principal shareholders of a listed firm from trading the company’s stock when a material non- public information is obtained up to two two full trading days after the price sensitive information is disclosed.
Companies that have been delisted by the PSE include Alphaland Corp., Marsteel Consolidated Inc. owned by the Martel family, and Gotesco Land Inc. and Uniwide Holdings Inc.