Lucio Tan-led Eton Properties asks to delist from PSE

MANILA, Philippines – The property arm of the group of businesses controlled by tycoon Lucio Tan has requested to voluntarily delist its shares publicly traded in the Philippine Stock Exchange (PSE).

Eton Properties Philippines, Inc, told the exchange it has published a public notice of its delisting last October 30, about 60 days from its target delisting on January 2, 2013.

Eton noted it only has 2.54% of its total outstanding common shares owned by the public and listed in the PSE, far lower than the 10% minimum public ownership required by the PSE rules.

Eton said its parent, Paramount LandEquities, Inc, will offer to buy the shares that are currently publicly owned.

Paramount currently owns 97.46%, or 2.832 million, of Eton’s 2.905 total outstanding shares. Paramount and affiliate Saturn Holdings Inc. — both privately owned by the Tan group — each own 55% and 42.39%, respectively, of Eton’s outstanding common shares.

In a separate disclosure, Eton’s listed parent Tanduay Holdings said the property firm has, in turn, acquired 100% stake in privately held parent firms Paramount and Saturn.

Several listed firms have previously announced they will delist from the PSE, which is enforcing the rules and pursuing reforms to improve transparency and boost trading. – Rappler.com