Stockholders clear P6.1-B exit of 8990 from Philippine bourse
Mass housing developer 8990 Holdings Inc. will soon make its P6.1-billion exit from the local bourse. This again proves that 2025 to be a challenging year for equities as delistings continue to overtake initial public offerings (IPOs).
In a regulatory filing on Wednesday, 8990 said its shareholders had approved its voluntary delisting from the main board of the Philippine Stock Exchange (PSE) during its special meeting.
8990, which currently focuses on the affordable and midmarket residential segments, may have been having a hard time navigating the challenging property market, analysts previously said of the company’s decision to go private again.
Its main markets have particularly been dealing with slow demand due to high mortgage rates, resulting in rising unsold inventory in Metro Manila.
The developer’s projects include medium-rise condominiums under the Urban Deca Homes brand and high-rise projects under Urban Deca Towers.
8990 Housing Development Corp. will conduct a tender offer to buy out the minority shareholders of the company. The tender offer price is set at P10.42 per share, or a 1.2-percent premium over its closing price of P10.30 on Tuesday.
This marks the bourse’s third exit in a year that has seen only one company listing so far.
Keppel Philippines Holdings Inc. voluntarily delisted on July 8, while Philab Holdings Corp. was forced to exit on July 11.
Cebu-based fuel retailer Top Line Business Development Corp. is the only firm to have successfully braved the volatile stock market this year. It raised P732 million from its IPO in April.
Maynilad Water Services Inc. has opted to delay its IPO to October from July. It cited the need to accommodate cornerstone investors.
Meanwhile, hotel and casino operator Hann Holdings Inc. recently announced the indefinite postponement of its stock market debut.
Hann said it wanted to wait for better market conditions, although it noted that the delay did not reflect its long-term prospects.
