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Liberty Telecoms to revert to private ownership on Nov. 21

/ 12:10 AM November 17, 2016

Liberty Telecoms Holdings Inc., 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.

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In a memorandum on Tuesday, PSE president Hans Sicat said the bourse had approved the companyís voluntary delisting by Nov. 21.

A tender offer to minority shareholders had resulted in the reduction in Libertyís public ownership level to 4.55 percent from 12.82 percent.

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Controlling shareholder Vega Telecomsóowned by PLDT and Globeóembarked on a tender offer for minority shares of Liberty from Aug. 24 to Oct. 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.

Vega Telecom made a tender offer to minority shareholders of Liberty at P2.20 a shareóa price which many minority shareholders deemed to be too low.   DORIS DUMLAO-ABADILLA

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TAGS: Business, economy, liberty telecoms holdings inc., News, private ownership
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