SM Investments Corp., the investment holding company of the Sy family, said Friday it completed the purchase of 352.7 million common shares of 2Go Group Inc., paving the way for the eventual delisting of the shipping company,
2Go shares acquired by SM Investments via a tender offer from March 15 to April 28 for a total 378.8 million shares at a price of P14.64 each. The block of shares, worth P5.16 billion, were transferred to SM Investment through cross transaction Friday on the Philippine Stock Exchange.
After the shares’ transfer, SM Investment raises its stake in 2Go to 67.21 percent.Trident Investments Holdings Pte. Ltd. currently owns 31.73 percent of the total outstanding capital stock of 2GO.
Because of the transaction, public ownership in 2Go drops to less than 3 percent, way below the minimum public float required of companies listed on the PSE.
