Mass housing developer 8990 Holdings Inc. has filed for voluntary delisting from the Philippine Stock Exchange (PSE), citing the market’s failure to fully reflect the company’s intrinsic value. This marks the second delisting on the PSE this year, following Keppel Philippines Holdings Inc.
In a disclosure, 8990 Holdings said that affiliate 8990 Housing Development Corp. will conduct a tender offer to acquire all outstanding shares not already held by its major shareholders — Iholdings Inc., Kwantlen Development Corp., Mariano D. Martinez, Luis N. Yu Jr., and certain directors.
The tender offer price is set at P10.42 per share, representing a 10 percent premium over the one-year volume-weighted average share price, and aligns with the high end of an independent valuation. The shares closed Wednesday at P9.20, with a 52-week high of P9.48.
The company said the delisting aims to unlock shareholder value, stating that current trading levels do not adequately capture the value of its assets and business. The move is contingent on meeting the 95 percent ownership threshold required by the PSE for voluntary delisting, or securing an exemption.
An annual stockholders’ meeting set for late August will seek formal approval of the move.
Originally founded in 2005 as IP Converge Data Center, Inc., 8990 Holdings pivoted from IT services to become a leading low-cost housing developer through a corporate reorganization in 2013.
