Alliance Select Opposes Motion for Execution; Claims SEC has no authority to nullify contracts Alliance Select Foods International, Inc. filed its opposition to the motion for a writ of execution filed by the Company’s minority shareholders, Hedy Yap-Chua, Harvest All Investment Limited, Victory Fund Limited and Bondeast Private Limited.

The Company said the motion has no merit in law and in fact. Both the legality of the decision sought to be executed and the authority of the SEC to issue the same are being questioned in the Court of Appeals.

The Company believes the Court of Appeals will uphold the undisputed and long-standing rule that the power to nullify contracts is a judicial power not vested in an administrative agency like the SEC.

The Company said that this SEC case is part of a string of cases filed by shareholders who refused to participate in the share offerings. As a result of such non-participation, they were diluted, and lost their representation in the board. The Company noted that the so-called minority shareholders were formerly significant shareholders of the Company long before the entry of the current controlling shareholders.

In a disclosure to the Philippine Stock Exchange, Atty. Phoebe Ann Bayona, Alliance Select’s Compliance Officer and Assistant Corporate Secretary said: “Considering that the Petition for Review is still pending with the Court of Appeals, the Decision therefore is not final and executory. Thus, at this time, the Motion has no effect on the Company’ss business, financial condition, ownership structure and capital structure.”