Liberty Telecoms to delist from PSE after San Miguel telco buyout
MANILA, Philippines – PLDT Incorporated and Globe Telecom Incorporated are set to buy out the minority shareholders of Liberty Telecoms Holdings Incorporated to start the latter's delisting from the local bourse within the 3rd quarter of the year.
This was after PLDT and Globe took over the telecommunications business of San Miguel Corporation (SMC) last May 30 in a $1.5-billion deal.
In separate letters to the Philippine Stock Exchange (PSE) on Tuesday, June 21, PLDT and Globe sought the approval of the local bourse and the Securities and Exchange Commission for undertaking a voluntary tender offer to the minority shareholders of Liberty Telecoms.
"The voluntary tender offer will be pursuant to and within the context of a voluntary delisting of shares of stock from the Exchange," PLDT said in its disclosure.
The process of the voluntary tender offer and delisting is expected to start within the 3rd quarter of 2016, the Manuel V. Pangilinan-led telco said.
Liberty Telecoms is the only listed subsidiary under Vega Telecoms Incorporated. (READ: The other side of San Miguel's telco buyout)
PLDT and Globe each acquired 50% of the issued and outstanding capital stock of Vega Telecoms, an unlisted telco company of the Ramon S. Ang-led SMC.
The Liberty group was placed under corporate rehabilitation and debt restructuring after it suspended its operations in April 2005 due to lack of capital required to operate.
Its net loss during the 1st quarter of 2016 was trimmed to P113.96 million, from P207.15 million in the same period a year ago. (READ: San Miguel's sale of telco business: Will consumers benefit?)
"This indicates the existence of a material uncertainty that may cast significant doubt about the group's ability to continue as a going concern," Liberty said in its latest financial report.
As of December 31, 2015, the group has approximately 47 full-time employees.
Liberty Telecoms has 1,293,656,429 shares outstanding. Its public free float stands at 12.82%.
Shares of Liberty Telecoms surged by 8.23% to P3.42 apiece as of 3:11 pm on Tuesday. – Rappler.com