Shares of Energy Development Corp. of the Lopez Group will be delisted from the Philippine Stock Exchange on Thursday.
The PSE said its board approved EDC’s petition for voluntary delisting from the official registry of the exchange effective at the end of business hours on Nov. 29.
The trading of EDC shares is currently suspended due to the company’s failure to comply with the 10-percent minimum public ownership requirement.
EDC on Sept. 19 filed with the PSE a petition for voluntary delisting following the approval by the company’s board of directors and the acquisition, through the conduct of a tender offer, of up to 2.04 billion EDC shares.
EDC on Oct 30 completed the tender offer that saw a total of 2.01 billion common shares bought for P7.25 apiece.
After the crossing of the tendered shares on Nov. 5, the remaining public shares of EDC accounted for approximately 0.16 percent of the company’s total outstanding common shares.
The company is the country’s largest renewable energy producer, with a capacity of 1,472 megawatts from hydro, solar, and wind power apart from geothermal. It operates the 150-MW Burgos wind farm, the biggest in the country.
It also holds nearly 1,200-MW of geothermal capacity, which accounts for 61 percent of the country’s total installed geothermal capacity.
Philippines Renewable Energy Holdings Corp. in September last year completed a voluntary tender offer to acquire 8.9 billion common shares of EDC.
The geothermal company said PREHC and parent First Gen Corp. at that time communicated to the market their intentions to eventually delist EDC “to pursue a corporate strategy that would require greater flexibility over factors like its dividend policy and leverage, and to support long-term growth.”
