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Alliance Select wins court ruling against nullification of 2015 stock rights offer

Alliance Select Foods International Inc. (ASFII) has received a positive decision from the Court of Appeals 13th Division regarding the civil complaint filed by its minority shareholders in 2015.

The complaint sought to nullify a 2015 stock rights offer conducted by the company, but the court found that the minority shareholders had committed forum shopping.

The Regional Trial Court of Pasig City, Branch 265, had earlier issued an omnibus order of dismissal on the case.

ASFII believes that the case filed by the minority shareholders with the Securities and Exchange Commission (SEC) is another instance of forum shopping, which was ruled in its favor by the SEC Market Securities Regulation Department.

However, the decision was reversed by the SEC en banc last year.

ASFII has appealed the reversal with the CA and is optimistic that the court will rule in its favor.

Milyonaryo | Latest News