Infrastructure holding firm Metro Pacific Investments Corp. is making a tender offer to minority shareholders of tollway unit Metro Pacific Tollways Corp. ahead of its planned stock market delisting. This developed as Eton Properties Philippines Inc., the real estate unit of tycoon Lucio Tan, announced on Tuesday that it was also planning to delist from the Philippine Stock Exchange, saying it could not comply with the 10-percent minimum public float required for continued listing on the bourse.
In the case of MPTC, its parent firm, MPIC, intends to acquire the remaining 7.48 million shares, or 0.15 percent, of the total issued and outstanding capital stock.
MPTC will offer to buy the holdings of its minority shareholders for P6.50 per share from October 29 to November 28.
MPTC has appointed First Metro Investment Corp. as a third-party adviser to render a fairness opinion in connection with the proposed tender offer.
In the meantime, Eton’s board has approved the company’s plan to list from the PSE.
Listed companies with public ownership of less than 10 percent face trading suspension by the first trading day of 2013 if they are unable to meet the 10 percent public float requirement for continued listing on the PSE.
During the trading suspension, sale of shares may be effected only outside the trading system of the PSE and the transactions will be subject to a capital gains tax of between 5 and 10 percent. Trades on shares of listed companies enjoy a preferential tax rate of ½ of 1 percent.