THE Philippine Stock Exchange, Inc. (PSE) suspended the trading of Liberty Telecoms Holdings, Inc. (LIB) shares after its public float dipped below the 10 percent minimum requirement on listed companies, in accordance with the PSE’s amended rule on minimum public ownership.
The decrease in its shares available to the public was a result of the block sale done in the market on Nov. 4 for the acquisition of the shares tendered by its minority shareholders in connection with the voluntary delisting procedure that LIB is pursuing.
LIB previously announced the cross date of the tendered shares and the subsequent trading suspension through a disclosure to the PSE.
“While we encourage companies to continue to be listed, we respect the business judgment of listed companies to go private. Furthermore, we are in communication with the relevant regulatory agencies as regards the said transaction,” said PSE chief operating officer Roel A. Refran.
LIB embarked on a tender offer exercise from Aug. 24 to Oct. 20 following its petition for voluntary delisting. The petition for voluntary delisting, as well as all other information related to the company’s tender offer, was disclosed by LIB to the public.
The company’s proposed date of delisting is on Nov. 21, subject to the approval of the PSE. However, minority shareholders of a delisted company can still transact through the over-the-counter market, and not through the facilities of PSE. (PR)