MANILA, Philippines – Splash Corp. is seeking an extension of its tender offer period to give shareholders more time to consider their options.
The company launched a tender offer for the remaining shares held by minority investors at P3.10 per share. The move is in preparation for its plan to voluntary delist from the Philippine Stock Exchange (PSE).
Splash asked the Securities and Exchange Commission to extend the tender offer period to Oct. 5 from the original deadline of Sept. 20.
“The request for extension is being made pursuant to Securities Regulation Code Rule 19.9.9 and in order to give the stockholders more time to consider their options and to decide whether they wish to tender their shares given that the tender offer is being conducted pursuant to the company’s intention to voluntarily delist from the exchange,” Splash said.
The company is targeting to delist from the PSE on Oct. 7.
Splash applied for delisting because of the low trading volume of its shares over the last 24 months, the response of the investing public to the ongoing share buy-back program, and the company’s desire to avoid telegraphing its business plans to its competitors.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
As of July 5 this year, the company’s public ownership stood at 26.66 percent.
“After the termination of the tender offer…the company’s public ownership is expected to fall below the prescribed 10 percent minimum public ownership,” Splash said.
The company reported a net income of P98.84 million in the first half of the year, up from P90.52 million in the same period of 2015.
Splash provides products and services that cater to the universal desire of people to look good and live well. From a leadership position in the Philippines, the company ventured into high-growth markets in Southeast Asia, Africa, the Middle East and North America.