KEPPEL Philippines Holdings, Inc. (KPH) appears to be just days away from its voluntary delisting from the Philippine Stock Exchange after its majority shareholder, Kepwealth Inc., gave notice that it was on the verge of acquiring more than 95 percent of KPH's shares.
In a disclosure on Thursday, KPH said it had been notified by Kepwealth that as of June 3, 2025, Kepwealth's tender offer (TO) agent Maybank Securities Inc. had received applications equivalent to 2,959,419 common shares, or 5.17 percent of KPH's total issued and outstanding shares.
Kepwealth also informed KPH that it was extending the tender offer period to June 11, 2025.
Kepwealth currently owns 89.86 percent of Keppel and aims to acquire another 2,944,311 common shares or 5.14 percent to take a 95 percent interest, which is the required percentage under PSE regulations for a voluntary delisting.
KPH said Maybank was still in the process of verifying other TO applications. Remaining shareholders who have yet to tender their shares are encouraged to participate and submit their application to Maybank on or before the extended June 11 deadline.
Minority shareholders have been offered a price of P27.40 per share. Keppel said this was higher than a third-party valuation of P26.64-27.10 apiece and the volume weighted average of P14.48 and P15.62 for KPH and KPHB shares for the year prior to the Feb. 21 announcement of the delisting plan.
The cross and settlement dates have been set on June 18 and June 20, 2025, respectively.
Keppel Philippines Holdings, formerly Keppel Philippines Shipyard Inc., joined the Makati and Manila Stock Exchanges in 1987. It changed its name in 1993 upon its conversion into an investment holding company.
The voluntary delisting will follow that of SFA Semicon Philippines Corp., which exited the PSE on Dec. 12, 2024, after parent company SFA Semicon Co. Ltd. of South Korea raised its stake in the firm to 99.41 percent following a tender offer.