PSE oks Liberty delisting by Nov 21
Liberty Telecoms Holdings Inc., the telecom holding firm now jointly owned by PLDT Inc. and Globe Telecom, will go back to private hands by Nov. 21 this year.
The company has been under trading suspension since Nov. 4 after its ownership fell below the 10 percent minimum float required by the PSE for continuing listing.
In a memorandum on Tuesday, PSE president Hans Sicat said the bourse had approved the company’s voluntary delisting by Nov. 21.
A tender offer to minority shareholders had resulted in the reduction in Liberty’s public ownership level to 4.55 percent from 12.82 percent.
Controlling shareholder Vega Telecoms – owned by PLDT and Globe – embarked on a tender offer for minority shares of Liberty from August 24 to October 20 this year following its petition for voluntary delisting.
After the delisting, minority shareholders of a delisted company can still transact through the over-the-counter market but no longer through the facilities of PSE.
