Lopez Clan's Holding Company to Delist From Stock Exchange
After 27 years on the local bourse, Lopez Holdings has announced the holding company has filed for voluntary delisting from the Philippines Stock Exchange (PSE).
According to a statement from Lopez Holdings, this move is necessary to “consolidate the ownership of Lopez Holdings and to streamline the Lopez Group’s corporate structure by reducing the number of Group holding companies currently listed on the PSE from two to just one.”
Aside from ABS-CBN, Lopez Holdings invests in Lopez-led renewable energy company First Philippine Holdings, which plans to conduct a tender offer to acquire 20 percent to 25.56 percent or 908 million to 2 billion common shares of Lopez Holdings. This will be priced at P3.85 per share, so the total share sale will range from P3.46 billion to P7.7 billion. At P3.85 apiece, Lopez Holdings will sell its shares at a premium of 35 percent from its last closing price of P3.08 on November 27.
The tender offer period will begin on January 22 and end of February 19, 2021.
Lopez Inc., the parent company of Lopez Holdings, will not tender its common shares.
The subsidiaries of Lopez Holdings include: ABS-CBN Corp., Sky Cable Corp., Meralco, First Philippine Holdings, Rockwell Land, and more.