Splash Corporation (PSE:PSH), a personal care and food company in the Philippines, has filed a petition for voluntary delisting of all its shares traded at the Philippine Stock Exchange (PSE).
In a letter to the Philippine bourse, Splash Corporation cited low trading volume of its shares 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 as the main reasons for its petition.
The petition for voluntary delisting with the PSE was unanimously approved by the Board of Directors of Splash Corporation.
The company seeks to be delisted from the PSE effective October 7, 2016.
The company’s public ownership as of July 5, 2016 is 26.66%. After the termination of the tender offer to be conducted in connection with the petition, Splash Corporation’s public ownership is expected to fall below the prescribed 10 percent minimum public ownership. – BusinessNewsAsia.com