MANLA, Philippines - Lucio Tan-led Eton Properties Philippines, Inc. on Thursday said more than half of its publicly-owned shares have already been tendered, as the firm pursues delisting from the local bourse.
In a disclosure on Thursday, the firm said 44.07 million common shares have been tendered out of the 73.79 million common shares owned by the public.
Paramount LandEquities, Inc., major shareholder of the property company, has been conducting the tender offer as Eton eyes delisting from the Philippine Stock Exchange due to its inability to comply with the 10% minimum public float requirement.
Eton previously said it will spend P221.4 million to acquire all shares held by the public, which only constitutes 2.54% of the entire company.
Listed companies have been given until the end of the year to comply with the minimum public ownership requirement. Trading of shares of those found non-compliant will be suspended for six months, and if the firm's public float is still below 10%, the company will be automatically delisted from the bourse.