8990 seeks delisting, tenders P10.42 per share

MASS HOUSING developer 8990 Holdings, Inc. is planning to voluntarily delist from the Philippine Stock Exchange (PSE), with its subsidiary launching a tender offer at P10.42 per share as part of the exit process.

- By Revin Mikhael D. Ochave Reporter

“Upon extensive deliberations by the board of directors of the company, the board has approved the voluntary delisting of the company from the PSE,” 8990 Holdings said in a regulatory filing on Thursday.

“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 added.

The tender offer will exclude common shares owned by majority shareholders Iholdings, Inc., Kwantlen Development Corp., Mariano D. Martinez, Luis N. Yu, Jr., and the qualifying common shares of the directors.

The offer price represents a 10% premium over the one-year volume-weighted average price of the company’s common shares from July 16, 2024, to July 16, and falls at the upper end of the range in an independent valuation report.