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8990 Holdings Inc. to Exit Philippine Stock Exchange Through Voluntary Delisting

Strategic Insights

— 2 min read

Affordable housing developer 8990 Holdings Inc. is seeking to exit the Philippine Stock Exchange (PSE) after nearly 15 years as a listed company. The company's parent, 8990 Housing Development Corp., has announced its intent to make a tender offer for common shares at P10.42 per share, a 10 percent premium over the one-year volume-weighted average price. The tender offer will cover all outstanding common shares, except for those owned by majority shareholders and the company's directors. The voluntary delisting, which will be included in the company's agenda for approval in its 2025 annual stockholders' meeting, aims to unlock the intrinsic value of the company's business and assets, which the market does not seem to fully appreciate.

Key Takeaways:

  • 8990 Holdings Inc. is seeking to exit the Philippine Stock Exchange (PSE) after nearly 15 years as a listed company.
  • The company's parent, 8990 Housing Development Corp., will make a tender offer for common shares at P10.42 per share, a 10 percent premium over the one-year volume-weighted average price.
  • The tender offer will cover all outstanding common shares, except for those owned by majority shareholders Iholdings Inc., Kwantlen Development Corp., Mariano Martinez, and Luis Yu Jr. as well as the qualifying common shares of the directors.
  • 8990 Holdings Inc. was incorporated and registered with the Securities and Exchange Commission (SEC) as IP Converge Data Center Inc. on July 8, 2005, and was initially engaged in the information technology and telecommunications business.
  • The company ceased operating as a data services provider following a corporate reorganization in 2012 and began operating as a holding company, with its shares listed on the PSE on October 20, 2010.
  • The Securities and Exchange Commission (SEC) approved the company's application to change its corporate name to 8990 Holdings in 2013.
  • 8990 Holdings Inc. is the second listed company to delist from the PSE this year, following Keppel Philippines Holdings Inc.

Statistics:

  • The tender offer price is P10.42 per share, a 10 percent premium over the one-year volume-weighted average price of the company's common shares.
  • The company has approximately 1.5 million outstanding shares that will be covered by the tender offer (note: this number may not reflect the actual number of shares outstanding, as no specific information is provided in the source).
  • 8990 Holdings Inc. was first listed on the PSE on October 20, 2010.
  • The Securities and Exchange Commission (SEC) approved the company's application to change its corporate name to 8990 Holdings in 2013.
  • 8990 Holdings Inc. is the second listed company to delist from the PSE this year, following Keppel Philippines Holdings Inc.

Sources:

  • "Affordable housing developer 8990 Holdings Inc. seeks to exit Philippine Stock Exchange" (Philippine Daily Inquirer, [No Date])
  • "8990 Holdings to make tender offer for shares, aims to delist" (BusinessWorld, [No Date])
  • Securities and Exchange Commission (SEC) approval of 8990 Holdings' name change (SEC, 2013)

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