DMCI eyes London delisting of mining unit
MANILA, Philippines - Consunji-led DMCI Group will be seeking the approval of its shareholders to delist its mining unit from the London stock exchange, a move meant to cut costs.
In a disclosure to the stock exchange on Tuesday, June 18, DMCI Holdings said it will need to comply with the rule of the London Stock Exchange to gather the approval of 75% of unit Toledo Mining Corp Plc shareholders before it can delist.
"With only 66.52% ownership, the decision to delist does not solely lie with the Company (through wholly owned subsidiary DMCI Mining Corp.) but requires further approval from other shareholders," DMCI said.
DMCI Holdings said it prefers to deliste Toledo "to reduce costs, including listing costs."
Toledo is a unit of DMCI Mining Corp, the mining arm of DMCI Holdings Inc.
Toledo has strategic interests in two joint venture nickel companies in the Philippines: Berong Nickel Corp and Ipilan Nickel Corp. It has strategic interests in nickel projects in Palawan, as well as in the United Kingdom and China, including China Nickel Corp. and China Nickel & Steel Corp.
Toledo stocks are traded on AIM-London Stock Exchange, the market for smaller growing companies. - Rappler.com