Joseph Calata, Calata Corporation’s 31-year-old CEO, earlier stated that his corporation was not the one under investigation claiming that what happens in the shares is already beyond the corporation’s control. He also admitted that he was the one who contacted the Securities and Exchange Commission (SEC) because he, too, wanted to get to the bottom of the movements of his shares.
After four months, SEC ended its probe of alleged price manipulation as well as clearing the company from any involvement in the allegations. They have also reportedly imposed fines on several stock brokers which it found to have been responsible for the unusual price movements.
The firm can now focus on its expansion program which is the very reason for our decision to go public.
- Says Calata.
The company recently announced its plans to increase the number of its outlets to about 250 using the proceeds from the initial public. With this expansion, the corporation will be able to provide more farmers and agricultural sector entrepreneurs with access to products and agricultural technologies.