The buyout will be carried out by founder Luis N. Yu Jr.-backed 8990 Housing Development Corp. (8990 HDC) at P10.42 per share, the builder’s fair market value according to third-party appraiser MIB Capital.
Biggest since Metro Pacific
With a valuation of about P55 billion, this is the largest stock market exit since tycoon Manuel V. Pangilinan-led Metro Pacific Investments delisted in late 2023 with a market value of about P150 billion.
Based on its tender offer report, the buyout offer to minority stockholders will run from Sept. 2–30, 2025, with a target voluntary delisting date of Oct. 28.
The move comes as the company management indicated the market had failed to reflect 8990’s real value despite steady earnings growth.
Delisting will remove the company’s shares from public trading, allowing its owners to operate privately and reduce regulatory costs.
A fairness opinion from MIB Capital confirmed the tender offer price, citing valuations between P6.26 and P10.42 per share.
2 IPOs, 4 delistings
The PSE saw Topline Business Development go public last April and expects a second listing, Maynilad Water Services’ P46 billion IPO.
Two other firms delisted in 2025: Keppel Philippines (July 8) and Philab Holdings, which was removed through an involuntary exercise on July 11.
Last week, Cityland Development Corp. announced a corporate restructuring plan that will also result in its delisting from the exchange.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
