Digital Telecommunications Philippines Inc. (Digitel) has asked to be removed from the Philippine Stock Exchange (PSE) after most of its shares were acquired from the market by parent firm Philippine Long Distance Telephone Co.
The company, which operates mobile brand Sun Cellular, said just 2 percent of its shares remained in the hands of minority shareholders. The rest are now owned by PLDT, chaired by businessman Manuel V. Pangilinan.
“We respectfully submit this petition to voluntarily delist all shares of Digitel from the registry of the PSE,” the company said.
PLDT completed its tender offer for Digitel shares on January 16. Shareholders who tendered their stock are to be paid on Friday.
The tender offer for Digitel shares was triggered by PLDT’s acquisition of 51 percent of the company from the Gokongwei family’s JG Summit Holdings Inc. Under Philippine law, any group that acquires more than 35 percent of a listed firm must offer to buy out all other shareholders at the same price.
PLDT management had said that keeping Digitel listed would offer no tangible benefits for the group since the parent firm itself was already in the market and is one of the country’s most heavily traded firms.—Paolo G. Montecillo