Property developer 8990 plans to delist from PSE 

Low-cost housing developer 8990 Housing Development Corporation has announced a tender offer for company-owned shares as the company plans to delist from the local bourse, according to a report by Philippine News Agency.

In a disclosure to the Philippine Stock Exchange (PSE) Thursday, the subsidiary of 8990 Holdings Inc., said the shares will be bought for PHP10.42 a piece, “which represents a 10 percent premium over the one-year Volume Weighted Average Price (VWAP) of the Company’s common shares from 16 July 2024 to 16 July 2025.”

It said the common shares include in the tender offer along with the excluded shares account for “at least 95 percent of the total issued and outstanding common capital stock of the Company.”

The disclosure said the company’s Board of Directors has approved the company’s voluntary delisting.

“The Board noted that the voluntary delisting of the Company would unlock the intrinsic value of the Company’s business and assets, which does not seem to be fully appreciated by the market, based on the historical trading price of the Company’s shares on the PSE,” it said. 

Stockholders will discuss the delisting move during their annual meeting on Aug. 26, it added.