The minority stockholders of Alliance Select Foods International Inc. have escalated their case against the listed company to the Supreme Court.
According to a regulatory filing, ASFII’s minority shareholders, including Harvest All Investment Limited, Victory Fund Limited, Bondeast Private Limited, Estate of Albert Hong Hin Kay, and Hedy S. C. Yap-Chua, filed a petition for review on certiorari with the Supreme Court.
The petition was received by ASFII through its legal counsel on Jan. 16, 2024.
The minority stockholders aim to challenge the Court of Appeals’ dismissal of their civil complaint filed in 2015, which found, among other things, that the group had committed forum shopping.
The 2015 complaint sought to enjoin ASFII and the majority of its then-board of directors and corporate secretary from implementing a stock rights offering before the company’s 2015 annual shareholders’ meeting.
ASFII emphasized that the filing of the petition with the Supreme Court has no effect on its business or operations.
The company said it continues to focus on growing the business.