MANILA, Philippines - Eton Properties Philippines Inc., the real estate developer owned by tycoon Lucio Tan, will delist from the Philippine Stock Exchange as it fails to comply with the public float requirement before the end of the year.
In a disclosure to the stock exchange, Eton said its board of directors approved the voluntary delisting from the PSE.
"The board believes that this is the best option at this time," Eton said.
Eton Properties' public float is currently at 5.65%, well below the PSE's 10% minimum public float for listed companies.
Eton Properties is the third company to opt for voluntary delisting this month, following First Metro Investments Corp. and Metro Pacific Tollways Corp.
Companies that would be delisted are required to make a tender offer to acquire the shares owned by the public.
The PSE has given non-compliant companies until January 1, 2013 to meet the 10% minimum public float requirement.