8990 exits bourse via shares buyout

Mass housing builder 8990 Holdings Inc. is preparing to bow out of the stock market after more than a decade of trading, as its parent company launched a buyout priced at P10.42 a share.

In a petition filed with the Philippine Stock Exchange (PSE), 8990 said it is seeking approval for the voluntary delisting of its common shares effective 29 October.

The move follows a tender offer by 8990 Housing and Development Corp. (8990 HDC) to acquire up to 580.57 million common shares, representing all outstanding shares not held by its majority shareholders and directors.

The offer price of P10.42 per share is on an all-cash basis and carries a 19.33 percent premium over the stock’s one-year volume-weighted average price. The company said the price also reflects the highest end of the range set by independent financial adviser MIB Capital Corp. in its fairness opinion report.

“The offer for the Tender Offer Shares shall be at Ten Pesos and Forty Two Centavos (P10.42) per common share…which represents…the highest end of the range provided in the Fairness Opinion Report rendered by MIB Capital Corporation,” the disclosure read.

September process

The tender offer will run from 2 to 30 September, with shares to be crossed on the exchange by 7 October and settlement expected two trading days later.

8990 said it has secured the required approvals for delisting. On 16 July, its board, including all independent directors, voted in favor of the move. The company’s stockholders gave their nod in an annual meeting on 26 August, with votes against the delisting falling below the 10 percent threshold allowed by PSE rules.

The company also assured that it has no unpaid fees or penalties with the exchange and committed to settle the delisting fee equivalent to its 2025 annual listing maintenance fee.

Under PSE rules, the buyout must result in at least 95 percent ownership before delisting is allowed. 8990 said the tender offer has been structured to meet this condition.

If successful, the delisting will mark the company’s transition from public to fully private hands, as it continues to pursue its mass housing projects nationwide.