MANILA, Philippines – Mass housing developer 8990 Holdings Inc. will make its P6-billion exit from the local bourse on Oct. 29, making it the third company to delist in what has been a challenging year for local equities.
The company on Monday told the exchange that its subsidiary, 8990 Housing Development Corp., would conduct a tender offer to buy out the minority shareholders from Sept. 2 to Sept. 30.
READ: Property woes prompt 8990 Holdings delisting
This will involve the purchase of 580.57 million common shares at P10.42 each, or a 19.33-percent premium over 8990’s one-year volume weighted average price. These represent 11.04 percent of 8990’s shares owned by the public.
This, after its shareholders approved its voluntary delisting from the main board of the Philippine Stock Exchange during their annual meeting last week.
8990, which currently develops affordable and mid-market residential projects, may have been having a hard time navigating the challenging property market, according to analysts.
Condo projects
Its projects include medium-rise condominium projects under the Urban Deca Homes brand and high-rise developments under Urban Deca Towers.
This marks the third exit of the local bourse, which has seen only one initial public offering (IPO) so far.
Keppel Philippines Holdings Inc. voluntarily delisted on July 8, while Philab Holdings Corp. was forced to exit on July 11.
Cebu-based fuel retailer Top Line Business Development Corp. raised P732 million during its stock market debut in April.
Meanwhile, concessionaire Maynilad Water Services Inc. has set Oct. 30 as its final listing date. It aims to raise up to P45.8 billion from its IPO.
Maynilad earlier planned for a July listing, but it delayed this by three months, citing the need to accommodate potential cornerstone investors.
Meanwhile, casino developer Hann Holdings Inc. has opted to indefinitely postpone its P13-billion IPO, as it wanted to wait for better market conditions.
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It noted, however, that the delay did not reflect its long-term prospects. It said the outlook remained “strong as ever.”
