THE PHILIPPINE Stock Exchange, Inc. (PSE) has approved the voluntary delisting of investment holding company Keppel Philippines Holdings, Inc. (KPHI), effective July 8.
The bourse also ordered the removal of KPHI’s shares from the official registry on the same date, the PSE said in a public advisory on June 30.
KPHI announced its intention to voluntarily delist in February, with majority shareholder Kepwealth, Inc. launching a tender offer for all of KPHI’s outstanding common shares.
The tender offer period ran from April 28 to June 11.
Following the tender offer, Kepwealth now owns 56.85 million common shares, equivalent to 99.34% of KPHI, exceeding the 95% threshold required to complete the voluntary delisting.
The tendered shares were crossed via block sale on June 18.
Incorporated in July 1975, KPHI was initially established to engage in shipbuilding and ship repair in the Philippines. It was listed on the Makati and Manila stock exchanges in 1987.
KPHI transitioned into an investment holding company in 1993. – Revin Mikhael D. Ochave
