Mass housing developer 8990 Holdings, Inc. is planning to voluntarily delist from the Philippine Stock Exchange, as it believes the stock market is not providing it with a fair valuation.

In a disclosure to the PSE, the firm said its board of directors approved the voluntary delisting during a special meeting.

“The Board noted that the voluntary delisting of the Company would unlock the intrinsic value of the Company’s business and assets, which does not seem to be fully appreciated by the market, based on the historical trading price of the Company’s shares on the PSE,” 8990 said.

In the same meeting, the 8990 board approved the inclusion of voluntary delisting as an agenda item for approval by its stockholders at the 2025 Annual Stockholders’ Meeting of the Company, scheduled to be held on Aug. 26, 2025.

In light of this, the PSE has approved the request of 8990 to suspend trading of its stock for one day, until 9:00 a.m. on Friday, July 18, 2025, to ensure that the investing public has equal access to the disclosed information.

The PSE said 8990 Holdings received a Notice of Intention to Conduct a Tender Offer and to Voluntarily Delist from 8990 Housing Development Corporation (8990 HDC), requesting the listed company to obtain the relevant approvals for its voluntary delisting from the PSE.

In addition, 8990 HDC informed 8990 of its intention to make a tender offer for all the outstanding 8990 common shares owned by other shareholders at ₱10.42 per share

This excludes the common shares owned by the majority shareholders, Iholdings, Inc., Kwantlen Development Corporation, Mariano D. Martinez, Luis N. Yu, Jr., and the qualifying common shares of the directors.

At a special meeting held by the Board of Directors of the 8990 on July 16, 2025, the members of the Board of Directors of the Company, including its two independent directors (which constitute all of its independent directors), approved the filing of an application for Voluntary Delisting from the PSE.

The delisting is subject to the approval of the stockholders of the Company of the Voluntary Delisting, the completion of the Tender Offer by 8990 HDC, and 8990 HDC owning, together with the Majority Shareholders, a total of at least 95 percent of the issued and outstanding common shares of 8990 or such percentage as the PSE may allow to effect the Voluntary Delisting of the Company.

8990 is operating, through its subsidiaries, as a low-cost mass housing developer. In addition to horizontal mass housing subdivision projects, it also develops medium-rise building condominiums under the Urban Deca Homes brand, and high-rise building projects under the Urban Deca Towers brand.