Yet mass housing developer 8990 Holdings Inc. is moving forward with plans to delist from the Philippine Stock Exchange after 15 years and go private, saying the market has failed to reflect the real value of its business and assets.
The move is backed by a P10.42-per-share all-cash tender offer, giving investors an exit at a 10 percent premium to the stock’s one-year average price.
Other key details, including the timing of the tender offer, have yet to be finalized.
Shareholders back delisting
The decision was reaffirmed Wednesday as shareholders voted to approve the delisting plan during their annual meeting.
8990 Holdings, known for its DECA Homes brand, debuted on the Philippine Stock Exchange on Dec. 9, 2010, under the ticker symbol “HOUSE” through a backdoor listing via the former IP Converge Data Center, Inc.
Founded by real estate tycoon Luis N. Yu Jr., the firm has long been disappointed with thin market volumes and had explored delisting options in the past, but the decision was only finalized in recent months, an insider said.
Resilient earnings
8990 Holdings posted a net income of P3.09 billion for the first half of 2025, up 0.4 percent from P3.08 billion a year earlier, as steady real estate sales of P9.97 billion offset higher costs and expenses.
Total revenues came in at P10.14 billion, almost flat year-on-year, with hotel operations contributing P169 million, up sharply from P130 million, reflecting a 29.5 percent increase.
To complete the voluntary delisting, at least 95 percent of the company’s outstanding shares must be tendered or an exemption secured from the PSE.
—Edited by Miguel R. Camus
