8990 Holdings plans PHP10.42 tender offer to delist from PSE

Low-cost housing developer 8990 Holdings, Inc., through its subsidiary, is planning to voluntarily delist from the Philippine Stock Exchange (PSE) with a tender offer at PHP10.42 per share.

The company's Board of Directors approved the move on Thursday, noting that it would unlock the intrinsic value of the business and assets which have not been fully appreciated by the market based on historical trading prices.

8990 Holdings will exclude common shares owned by majority shareholders from the tender offer, with the price representing a 10 percent premium over the one-year volume-weighted average price.

Stockholders will discuss the delisting during their annual meeting scheduled for August 26, and the move marks the third such action this year after Keppel Philippines Holdings Inc. on July 8 and Philab Holdings Corp. on July 11.

Trading of 8990 Holdings' shares was suspended on Thursday but will resume on Friday following the announcement.