Lopez Holdings will continue to be listed in the Philippine Stock Exchange (PSE) after withdrawing its earlier petition for a voluntary delisting.
In a disclosure to the PSE, Lopez Holdings — which trades using the stock symbol LPZ — said that First Philippine Holdings (FPH) will only buy up to 34.5% of LPZ’s total issued and outstanding common shares.
“The amendment removes the risk of LPZ falling below the minimum public ownership (MPO) required by the PSE and dispenses with the need for LPZ to pursue a petition for voluntary delisting,” the disclosure read.
The delisting petition was formally filed with the exchange on December 14, 2020.
LPZ is the parent firm FPH, which owns Energy Development Corporation (EDC), First Gen Corporation, and ABS-CBN. EDC and First Gen are major players in the country’s renewable energy scene. FPH also partly owns the Manila Electric Company (MERALCO), which the Lopezes used to control.
“Lopez Holdings’ petition to voluntarily delist was conditional and could only proceed if FPH acquired the 45.56%, among other conditions. We also disclosed that the company could be involuntarily delisted if the MPO falls below 10%, which is again conditional on FPH acquiring a certain number of shares,” LPZ President Salvador Tirona said in a statement.
“The amendment of the Tender Offer means there is no longer such a risk and the Lopez Holdings can remain listed even if FPH acquires the new maximum of 34.5%,” he continued.
Photo from Lopez Holdings Facebook page.