Digitel formally delisted from PSE
MANILA, Philippines—The Philippine Stock Exchange has agreed to delist Digital Telecommunications Phils. Inc. (Digitel) from its roster effective March 26 in light of its acquisition by Philippine Long Distance Telephone Co.
PSE president Hans Sicat said in a memorandum that the PSE board had granted Digitel’s petition for voluntary delisting.
Digitel, formerly controlled by the Gokongwei group, was acquired by PLDT through a share-swap agreement that turned the Gokongweis into a minority stockholder in PLDT.
Because Digitel will be consolidated into PLDT, having a separate listing on the local stock exchange is no longer necessary. PLDT’s flagship wireless Smart Communications itself is not listed on the local bourse.
The delisting is also possible after PLDT completed a tender offer to minority shareholders of Digitel. The telecom giant led by businessman Manuel V. Pangilinan now controls 98 percent of Digitel.
Digitel had a market capitalization of about P9.5 billion.
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