Shipyard operator Keppel Philippines Holdings Inc. (KPPI) disclosed its plan to delist from the Philippine Stock Exchange (PSE).
KPPI said in a disclosure to the PSE Friday its major shareholder Kepwealth Inc. offered to acquire KPPI shares held by the public at P27.40 apiece, representing a 37-percent premium to the stocks last closing price of P19.98.
KPPI said the offer price is higher than the highest valuation of the company’s shares based on the fairness opinion and valuation report prepared by MIB Capital Corp., an independent valuation provider.
It is also higher than the volume weighted average price of the company’s shares for one year.
KPPI’s public float is now at 17.13 percent. Assuming all public shares will tender, the company will spend P268 million for the tender offer.
Kepwealth owns 53.34 percent, while Keppel Limited has 29.52 percent of the total issued and outstanding common shares of KPHI.
Keppel Philippines Holdings Inc. (KPH) was incorporated in July 1975 under the former name of Keppel Philippines Shipyard Inc.
The company was established as a subsidiary of Keppel Corporation Ltd. of Singapore to carry out ship repair and shipbuilding activities in the Philippines.
KPH was listed in the Makati and Manila Stock Exchanges in 1987.
KPPI has two core businesses: investment holdings and real estate. It owns 100 percent of KPSI Property Inc., which leases out office spaces in Makati; and 51 percent of Goodwealth Realty Development Corp., which owns and leases parcels of land in Batangas City.
It also owns 13 percent of Consort Land Inc., which is registered with Philippine Economic Zone Authority as an ecozone developer/operator of the Subic Shipyard-Special Economic Zone and distributes power to its locators.