Sign in Subscribe
Stock offerings

8990 Holdings Inc. Seeks Voluntary Delisting from Philippine Stock Exchange

Strategic Insights

— 2 min read

Mass housing builder 8990 Holdings Inc. has filed for voluntary delisting at the Philippine Stock Exchange (PSE), citing the market's failure to fully appreciate its value. The company's shares have shown a significant price range over the past year, with a 52-week high of P9.48 and a year low of P8 per share. The delisting will be subject to a tender offer for all outstanding common shares, excluding those owned by certain parties, at a price of P10.42 per share, representing a 10% premium over the one-year volume-weighted average price.

Key Takeaways:

  • 8990 Holdings Inc. has filed for voluntary delisting from the Philippine Stock Exchange (PSE) due to the market's failure to fully appreciate its value.
  • The company's shares have traded at a significant range over the past year, from a 52-week high of P9.48 to a year low of P8 per share.
  • The delisting will involve a tender offer for all outstanding common shares, excluding those owned by Iholdings Inc., Kwantlen Development Corp., Mariano D. Martinez, Luis N. Yu Jr., and the qualifying common shares of the directors.
  • The tender offer price of P10.42 per share represents a 10% premium over the one-year volume-weighted average price of the company's common shares from July 16, 2024 to July 16, 2025.
  • The tender offer will be made on an all-cash basis, with the bidder not accepting any tendered shares unless the 95% threshold for voluntary delisting is achieved or exemptive relief is obtained from the PSE.
  • The company's annual stockholders' meeting, scheduled for the end of next month, will devote time to the approval of the delisting.
  • 8990 Holdings Inc. was previously known as IP Converge Data Center, Inc. and was incorporated on July 8, 2005.
  • The company has undergone significant corporate reorganization and now operates as a low-cost mass housing developer through its subsidiaries.

Statistics:

  • P10.42: The tender offer price per share, representing a 10% premium over the one-year volume-weighted average price.
  • P9.48: The 52-week high price of 8990 Holdings Inc. shares.
  • P8: The year low price of 8990 Holdings Inc. shares.
  • 10%: The premium offered in the tender price over the one-year volume-weighted average price.
  • 95%: The threshold required for voluntary delisting.
  • P9.20: The closing price of 8990 Holdings Inc. shares on Wednesday.

Sources:

  • 8990 Holdings Inc. (company disclosure)
  • Philippine Stock Exchange (PSE) (rules and regulations)

Read more