2GO Group, Inc. has filed a petition to finally delist from the main board of the Philippine Stock Exchange (PSE) effective on July 17.
In a regulatory filing on Thursday, 2GO said the voluntary delisting was proposed by and is fully supported by its two major shareholders, SM Investments Corp. (SMIC) and Trident Investments Holdings Pte. Ltd.
The move is the final step in the company’s bid to go private, which started on Feb. 28, when the board of directors of SMIC approved the holding of a voluntary tender offer for up to 378,817,279 common shares or 15.39% of the issued and outstanding common stock of 2GO.
The tender offer started on March 15 and ended on April 28, during which tendering shareholders of 2GO were allowed to offer all or a portion of their shares in the company to SMIC for P14.64 apiece.
The shares were priced based on a fairness valuation report prepared by BPI Capital Corp. The tender offer was conducted by SMIC with a view to the voluntary delisting of 2GO’s common shares from the main board of the stock exchange.
During 2GO’s annual stockholders’ meeting on April 18, shareholders owning 2,409,564,081 common shares or 97.86% of the outstanding common stock of the company voted in favor of the voluntary delisting with no shareholder voting against the move.