REAL ESTATE DEVELOPER 8990 Holdings, Inc. has filed a petition with the Philippine Stock Exchange (PSE) for a voluntary delisting of its common shares, targeting an effective date of Oct. 28.
鈥淪ubject to compliance with the PSE鈥檚 Amended Voluntary Delisting Rules, the voluntary delisting is expected to be effective by 28 October 2025,鈥 the company said in a disclosure on Monday.
Prior to the delisting, shareholders were offered the option to tender their shares at a cash premium.
As part of the delisting process, 8990 Holdings鈥 subsidiary 8990 Housing Development Corp. will acquire minority shareholders鈥 stakes through a tender offer at P10.42 per share, running from Sept. 2 to 30.
鈥淭he bidder intends to acquire the tender offer shares, consisting of up to 580,570,390 common shares in the company,鈥 the disclosure said.
The tender offer follows the PSE鈥檚 voluntary delisting rules, under which the bidder aims to acquire at least 95% of the company鈥檚 shares to complete the delisting.
Following the voluntary delisting, share transfers will require a certificate authorizing registration from the Bureau of Internal Revenue before legal title can be transferred.
8990 Holdings is engaged in property development through the brands Deca Homes, Deca Towers, and Urban Deca Towers. Its portfolio includes low-cost mass housing units and subdivision lots, as well as medium-rise and high-rise housing units. The company is also engaged in hotel operations.
On Monday, 8990 Holdings shares rose 1.57% to P10.36 apiece. 鈥 Alexandria Grace C. Magno
