Delisting / 2GO asks to leave PSE main board by July

2GO Group Inc. (2GO) has formally submitted to the local bourse its petition for voluntary delisting of 2GO’s common shares with a par value of P1 per share from the main board of the Philippine Stock Exchange Inc. (PSE).

The proposal was supported by its two major shareholders, SM Investments Corp. (SMIC) and Trident Investments Holdings Pte. Ltd. (Trident) with proposed delisting effectivity on July 17, 2023. 2GO’s board approved the delisting in February and shareholders also backed the plan last month.

SMIC conducted a tender offer from March 25 to April 28 for shares held by minority shareholders, offering a price of P14.64 apiece.

During the tender offer period, 2GO said a total of 352,690,680 common shares or approximately 14.32 percent of the total issued and outstanding common stock of 2GO Group Inc. were tendered and accepted by SMIC for a total consideration of P5,163,391,555.20.

The purchase of the tendered shares was settled on May 10, 2023. (PR)