Tender offer for Keppel Philippines shares extended to June 11 – BusinessWorld Online
INVESTMENT holding company Keppel Philippines Holdings, Inc. (KPHI) has extended the tender offer period for its shares until 3 p.m. on June 11 as part of its voluntary delisting from the Philippine Stock Exchange (PSE).
Kepwealth, Inc., which is conducting the tender offer for KPHI, extended the offer period from April 28–May 28 to June 11 to give minority shareholders more time to tender their shares, KPHI said in a regulatory filing on Wednesday.
“This extension will provide the minority shareholders an extended opportunity to exit from KPHI in view of the intended delisting of KPHI, subject to the relevant regulatory approvals,” it added.
The new cross date for tendered shares is June 18, with settlement scheduled for June 20.
KPHI aims to complete its voluntary delisting by June 24.
The Securities and Exchange Commission approved the extension on May 26.
In February, KPHI announced its voluntary delisting plan, with Kepwealth offering to buy up to 5.81 million outstanding common shares at P27.40 each.
As of May 26, Kepwealth has received tenders for 2.11 million shares, representing 3.69% of KPHI’s issued and outstanding shares. Kepwealth currently holds 89.86% of the company’s capital stock.
The PSE requires acquiring at least 95% of issued and outstanding shares before approving delisting.
Established in July 1975 for ship repair and shipbuilding, KPHI listed on the Makati and Manila Stock Exchanges in 1987 and transitioned to an investment holding company in 1993. — Revin Mikhael D. Ochave