Following the acquisition by leading operator PLDT of majority stake in Digitel, the latter has applied to voluntary delist all its shares from the Philippine Stock Exchange (PSE). The delisting is scheduled to take place on 26 March 2012.
In late…
Following the acquisition by leading operator PLDT of majority stake in Digitel, the latter has applied to voluntary delist all its shares from the Philippine Stock Exchange (PSE). The delisting is scheduled to take place on 26 March 2012.
In late October, PLDT acquired a 51.55% stake in rival Digitel for PhP69.2bn (US$1.6bn). In January this year, it also completed a tender offer to buy most of the remaining shares, bringing its stake in the company up to 98%.
Under PSE rules, companies can voluntary delist if 95% of outstanding shares are held by a majority shareholder. PLDT chairman Manuel Pangilinan was quoted saying in early November that it would be better to only have the main company, PLDT, listed.
Separately, four minority shareholders are still reportedly pursuing their complaints against the tender offer.
In mid-January, these shareholders decided to tender their shares to PLDT, under protest, at the offer price of PhP1.6 (US$0.03) rather than the PhP21.12 (US$0.48) they were asking for.
Meanwhile, they asked the Philippine Stock Exchange regulator (SEC) to order PLDT to dramatically improve the tender offer. Results of an investigation into the offer are yet to be disclosed.
