PSE approves Keppel Philippines delisting on July 8

Keppel Philippines Holdings Inc. will soon exit the local bourse. | PHOTO: keppelph.com

MANILA, Philippines — The Philippine Stock Exchange (PSE) has approved the P149-million exit of Keppel Philippines Holdings Inc. (KPH) from the local bourse.

In a memorandum on Tuesday morning, PSE confirmed that it had ordered the delisting of KPH’s shares from the official registry of the exchange on July 8.

READ: Keppel halts trading as stockholders approve voluntary delisting

This marks the local stock market’s first exit of the year.

KPH on June 18 executed a block sale of 5.42 million shares at P27.40 each, valuing the company’s exit at P149 million. These represent the shares bought by controlling shareholder Kepwealth Inc.

As a result, Kepwealth now owns 99.34 percent of KPH shares from 89.86 percent previously. This means that KPH is now below the minimum requirement of having 10 percent of its shares owned by the public.

KPH, which listed on the PSE in 1987, was incorporated as a subsidiary of Singapore-based Keppel Corp. Ltd.

It operated under the name Keppel Philippines Shipyard Inc. to handle ship repair and conduct shipbuilding activities.

It was later converted into an investment holding company that also has real estate interests.