8990 Holdings stockholders approve voluntary delisting

REAL ESTATE developer 8990 Holdings, Inc. has secured stockholders’ approval for its planned voluntary delisting from the Philippine Stock Exchange (PSE).

The voluntary delisting was approved by stockholders during the annual meeting on Aug. 26, 8990 Holdings said in a regulatory filing on Wednesday.

In July, 8990 Holdings announced its delisting plan, with subsidiary 8990 Housing Development Corp. launching a tender offer at P10.42 per share as part of the exit process.

The tender offer will exclude common shares held by majority shareholders Iholdings, Inc., Kwantlen Development Corp., Mariano D. Martinez, Luis N. Yu, Jr., and the qualifying common shares of the directors.

8990 Holdings said the voluntary delisting would help unlock the value of its business and assets.

“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 Holdings said.

8990 Holdings is engaged in property development through the brands Deca Homes, Deca Towers, and Urban Deca Towers. Its portfolio includes low-cost mass housing units and subdivision lots, as well as medium-rise and high-rise housing units. The company is also engaged in hotel operations.

On Wednesday, 8990 Holdings shares fell by 1.75% or 18 centavos to P10.12 apiece. — Revin Mikhael D. Ochave