The Philippine Stock Exchange on Tuesday approved the petition for voluntary delisting of personal care manufacturer Splash Corp.
PSE said in an order the shares of Splash would be delisted from the official registry of the local bourse effective Oct. 7.
Trading of Splash shares is currently suspended after its minimum public ownership fell below the required 10 percent. Splash earlier conducted a tender offer for minority shareholders.
Splash filed a petition with PSE for voluntary delisting as early as July, citing the low trading volume over the last 24 months, response of the investing public to the ongoing share buy-back program and company’s desire to avoid telegraphing business plans to competitors as primary reasons.
Splash completed the tender offer in September, a requirement prior to delisting, which resulted in acquisition of 129.886 million common shares held by minority investors.
The tender offer price of P3.10 per share was based on the fairness opinion and valuation report conducted by Unicapital Inc.
Splash said it purchased 8.56 million common shares under the company’s share buyback program.
After the tender offer and the recent share buyback transactions, the number of shares still held by the public was 20.055 million common shares, representing 3.42 percent of the company’s outstanding capital stock. Its stock last traded at P3.10 per share on Sept. 27.