Metro Pacific Investments Corp. (MPI), led by bilyonaryo Manny V. Pangilinan, is poised to conclude its voluntary delisting journey next week.
In a notice, the Philippine Stock Exchange (PSE) said it had formally granted approval to MPI’s petition for voluntary delisting.
Consequently, the PSE has mandated the removal of MPI’s shares from the official registry of the exchange effective October 9.
This significant development comes on the heels of MPI’s successful effort to reduce its free float.
Major shareholders bought out P28.418 billion worth of shares through a tender offer.
As a result, MPI’s public float has dwindled significantly, falling below the critical 10 percent minimum threshold necessary for delisting on the PSE.