PLDT to delist Digitel from PSE

PHILIPPINE Long Distance Telephone Co. (PLDT) on Thursday said it will delist newly acquired Digital Telecommunications Philippines Inc. (Digitel) from the local bourse after it purchased 94 percent of the shares held by the public.
“With Digitel’s public ownership falling below the minimum 10 percent required by the PSE [Philippine Stock Exchange], PLDT expects to file a petition for the voluntary delisting of Digitel with the PSE,” PLDT said in a statement.
A total of 2.888 billion shares were tendered by Digitel minority shareholders, representing about 94 percent of the shares held by the public.
The minority shareholders were given the option of receiving the payment in cash at P1.6033 per share, or in the form of PLDT common shares valued at P2,500 per share or one PLDT share for every 1,559.28 Digitel shares, except for shareholders residing outside the Philippines who will only be paid in cash.
Of the total shares tendered, 13 percent or 374 million Digitel shares are to be paid in cash, and 87 percent or 2.514 billion Digitel shares are to be paid in PLDT common shares.
This translates to the payment by PLDT of about P600 million in cash and issuance of about 1.6 million PLDT common shares.
The tendered shares are to be crossed in the Philippine Stock Exchange (PSE) on Jan. 24 and settlement of both cash and share transactions will be on 27 January 2012.
“Following the completion of the tender offer and with the previously disclosed partial conversion of the convertible bonds held by PLDT into 4 billion Digitel shares, PLDT will own 10.165 billion common shares or 98 percent of the enlarged capital base of Digitel,” PLDT said.
PLDT undertook a tender offer to Digitel minority shareholders following its acquisition of a combined equity stake of 51.55 percent of Digitel from JG Summit Holdings, Inc. (JGS), Express Holdings, Inc., and certain other individuals and corporate stockholders of Digitel. [PNA]