Ferry operator 2Go Group Inc. on Monday voluntarily halted the trading of its shares at the Philippine Stock Exchange (PSE) as its parent firm SM Investments Corp. offered a premium price for those shares held by the investing public.
SMIC offered to buy P14.64 for each of those shares representing a 25 percent premium over Friday’s closing price of P11.64 apiece.
2Go share prices increased 66 percent last week as SMIC announced the intent to bring the company back to private hands and making a tender offer for all the shares held by the public.
SMIC is buying up to 378.71 million shares now worth P5.54 billion at P14.64 per share constituting all of the 15.39 percent free float of 2Go at the Philippine Stock Exchange.
The P14.64 per share price was based on the fairness valuation report prepared by BPI Capital Corp., the company said.
Tender offer period is from March 15 to April 28, with the payment and settlement schedule to begin from May 2 to 10 after which 2Go will be delisted from the PSE.
2Go earlier posted turnaround profits of P312 million in 2022 on higher revenues that snapped two years of losses of P1.14 billion in 2021 and P1.84 billion in 2020.
The company reported group revenues last year reaching P19.3 billion, 25 percent higher than the previous P15.4 billion as the company benefitted from the reopening of the economy and the lifting of mobility restrictions.
