The Philippine Stock Exchange ordered the suspension of Splash Corp.’s stock trading starting Tuesday, after public ownership of the beauty products manufacturer fell below the minimum public float of 10 percent.
Splash’s public ownership dipped to 3.42 percent from 21.84 percent, after it completed a tender offer to acquire the remaining shares held by minority investors.
“Pursuant to the Amended Rule on Minimum Public Ownership, the exchange will implement a trading suspension on the shares of SPH after completion of the cross of the tendered shares with a target date of Sept. 27, 2016,” PSE said in a notice posted on its website.
“The exchange will apprise the trading participants and the investing public of further developments on the matter,” it said.
The personal care products manufacturer last week reported that it bought a total of 129.886 million common shares owned by minority shareholders at P3.10 per share. This represents 21.84 percent of the company’s outstanding capital stock.
Splash also purchased 8.569 million common shares, pursuant to the company’s share buyback program.
After the tender offer and the share buyback transactions, the Hortaleza group, the majority shareholders of the company, increased its stake in Splash to 96.58 percent while public ownership dropped to 3.42 percent.
Splash conducted a voluntary tender offer in line with its plan to delist its shares from the local bourse.
The PSE, however, has yet to approve the company’s delisting plan.
Splash, a home-grown cosmetics and other beauty products maker, owns more than 100 trademarks registered in over 50 countries, including those in the Association of Southeast Asian Nations, European Union, North America and the Middle East.
Among Splash’s most recognized brands are Kolours, Vitresse, Extraderm, Maxi-Peel, Skin White, Biolink, Theraherb VCO and Barrio Fiesta Bagoong.