Lopez Holdings Corporation has withdrawn its petition for voluntary delisting, which was filed with the Philippine Stock Exchange (PSE) on December 14, 2020 after sister company First Philippine Holdings Corporation reduced its tender offer size.
In a disclosure to the PSE, FPHC amended its Tender Offer Report to cover only up to a maximum of 34.5 percent of the total issued and outstanding common shares of Lopez Holdings.
The amendment removes the risk of Lopez Holdings falling below the minimum public ownership (MPO) required by the PSE and dispenses with the need for the firm to pursue a petition for voluntary delisting.
“Lopez Holdings’ petition to voluntarily delist was conditional and could only proceed if FPH acquired the 45.56 percent, among other conditions,” said Lopez Holdings president Salvador G. Tirona.
He added that, “We also disclosed that the company could be involuntarily delisted if the MPO falls below 10 percent, which is again conditional on FPH acquiring a certain number of shares.”
Tirona noted that, “The amendment of the Tender Offer means there is no longer such a risk and the Lopez Holdings can remain listed even if FPH acquires the new maximum of 34.5 percent.”