Splash Corporation to delist from PSE
MANILA, Philippines – Splash Corporation, the local maker of beauty products like Maxi-Peel and Skin White, will delist from the Philippine Stock Exchange (PSE) after it saw low trading volume over the past two years.
During its board meeting on Monday, July 11, the board of directors of Splash decided to initiate delisting from the local bourse via a unanimous vote.
This decision comes after Splash took into account the "low trading volume of Splash's shares over the last 24 months, the response of the investing public to the ongoing share buy-back program, and the company's desire to avoid telegraphing its business plans to its competitors."
Splash said it will conduct a tender offer for all the 158.45 million publicly-owned common shares, representing about 26.66% of the homegrown personal care manufacturer's issued and outstanding common stock.
Tender offer is priced at P3.10 per share.
Splash became popular for providing affordable whitening products that successfully competed with well-known foreign brands. Its brands include Kolours, Vitresse, Extraderm, Maxi-Peel, Skin White, Biolink, and Theraherb VCO.
Splash also entered into the food business when it bought an 80% stake in Barrio Fiesta Manufacturing Corporation.
In October 2012, Splash signed a share purchase agreement with owners of Moondish Foods Corporation for P33 million. – Rappler.com