SPLASH Corp., the maker of Skin White and Maxi Peel beauty products, has sought the approval of the Securities and Exchange Commission (SEC) to extend the run of its tender offer period up to October 5 to give stockholders more time to consider their options.
In a letter to the SEC dated September 14, Splash said it is requesting an extension of its tender offer period “by 11 business days” to October 5, from the previous tender offer schedule of July 18 to September 20.
“The request for extension of the tender offer period is being made to give the stockholders more time to consider their options and to decide whether they wish to tender their SPH shares given that the tender offer is being conducted pursuant to the company’s intention to voluntarily delist from the exchange,” Splash said.
“Rest assured that, the extension notwithstanding, the company shall be able to complete the tender offer within 60 business days from the date of publication of its intention to delist and make a tender offer as required under Securities Regulation Code (SRC) Rule 19.9.1.,” the company added.
It can be recalled that the company filed for a tender offer and a petition for Voluntary Delisting with the Philippine Stock Exchange (PSE) last July 14. The SEC immediately approved the request, allowing Splash to conduct the tender offer starting July.
Through the tender offer, Splash will buy back all of the 158.4 million publicly owned common shares of the company equivalent to 26.66 percent minority shareholdings.
The tender offer is mandatory under corporate rules for Splash shares to formally exit or delist from the PSE.
Splash is known for its ventures in skin whitening products, exfoliants, hair care and other segments such as food and hospital business.
The company is behind personal care brands such as Kolours, Vitresse, Extraderm, Maxi-Peel, Skin White, Biolink, and Theraherb VCO, as well as food brands Barrio Fiesta and Moondish Foods.
Splash’s products and brands are present in Southeast Asia and Europe, the United States, China, Hong Kong, Japan, South Korea, Taiwan, India and countries in the Middle East and Africa.