PERSONAL care product and food producer Splash Corp. is set to go back to private hands after operating as a public company in the last nine years, citing sluggish trading volume at the stock market along with the desire to keep its strategic plans internal.
In a disclosure to the Philippine Stock Exchange on Monday, Splash announced an offer to buy out minority shareholders at P3.10 per share, initiating a voluntary delisting process from the local bourse.
The delisting had taken into account “the low trading volume of Splash shares over the last 24 months, the response of the investing public to the ongoing share buy-back program and the company’s desire to avoid telegraphing its business plans to its competitors,” the disclosure said.
The voluntary delisting process has been unanimously approved by the board of the company.
At present, the investing public owns about about 26.66 percent or 158.45 million shares of Splash, which debuted on the PSE in 2007.