Liberty Telecoms looking to exit market next month
LIBERTY TELECOMS Holdings, Inc. (LTHI) is looking to exit the stock market next month after earlier formalizing its bid to voluntarily delist its shares from the Philippine Stock Exchange (PSE).
The company said in a disclosure that its directors have evaluated its options on the tender offer being conducted by its majority stockholder, Vega Telecom, Inc., ( VTI) to all its minority shareholders and considering the current public float of LTHI.
“After due evaluation and study of the options available to the company, the Board of Directors approved and authorized the voluntary delisting of the company’s shares from the PSE,” Liberty said in its regulatory filing.
The proposed date of delisting has been moved to Nov. 21 from the previous schedule of Oct. 31.
Last Aug. 24, the company submitted a petition for the voluntary delisting of its common shares from the PSE and set the delisting date on Oct. 31. The decision comes after the company was taken over by telecommunications giants PLDT, Inc. and Globe Telecom, Inc. following a P69.1billion deal with San Miguel Corp.
The petition came amid the ongoing voluntary tender offer launched controlling shareholder VTI for the remaining 165,883,221 common shares or 12.82% it does not own in Liberty Telecoms.
But the Securities and Exchange Commission (SEC) said yesterday that Liberty Telecoms should have disclosed the reassignment of frequencies meant for the establishment of a third telecommunications player which raised questions on the valuation of its shares for the tender offer.