A boardroom row in one of the country’s largest canned seafood exporters is heating up after the SEC voided the shares acquired by the controlling stockholder of Alliance Select Foods International nearly a decade ago. | miguelrcamusINQ /PDI
The SEC, in a decision dated Dec. 15, voided the acquisition of shares made by Strongoak Inc. via private placement and stock rights offering transactions in 2014 and 2015 for supposedly violating Section 19 of the Securities Regulation Code relating to the rule on tender offers.
The company said the SEC en banc reversed the ruling of the corporate regulator’s Markets and Securities Regulation Department on a Nov. 2, 2020 complaint filed by minority shareholders Hedy S. C. Yap-Chua, Harvest All Investment Ltd., Victory Fund Ltd. and Bondeast Private Ltd. Harvest All Investment and Victory Fund respectively own 7.09 percent and 5.54 percent of Alliance Select while Bondeast owns 0.52 percent.
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