Keppel Philippine Holdings Inc. on Friday sought the suspension of trading for its common shares on the Philippine Stock Exchange (PSE) following the approval of its board of a tender offer aimed at the company’s eventual delisting.
The company said its board received a letter from Kepwealth, Inc., one of the company’s shareholders, requesting the necessary approvals for the voluntary delisting and announcing a tender offer for all outstanding common shares at P27.40 per share, excluding shares held by the board members.
During a special board meeting the same day, Keppel’s directors, including all three independent members, approved the filing of an application for voluntary delisting from the PSE. The delisting will proceed if the tender offer is completed, and Kepwealth owns at least 95 percent of Keppel’s outstanding common shares, or as otherwise approved by the PSE.
The company has also set a Special Stockholders’ Meeting for 24 April, with a record date of shareholders qualified to participate in the meet fixed 0n 24 March, to obtain shareholder approval for the delisting and other related matters.
In the meantime, to ensure equal access to information, Keppel has requested a trading suspension to start immediately on Friday, as part of the disclosure process.
