The Philippine Stock Exchange has granted the request of 2GO Group Inc. for a voluntary suspension of the trading of its shares after it announced a plan to voluntary delist its shares from the bourse.
In a disclosure to the Philippine Stock Exchange, 2GO asked for a one day trading suspension on March 1, 2023 to allow the investing public equal access to and consideration of this information with trading to resume on March 2, 2023.
The firm said its board of directors approved the voluntary delisting of 2GO shares from the Main Board of the PSE, subject to the successful completion of the intended tender offer by controlling shareholder SM Investments Corporation.
This will also be subject to compliance with other requirements of the PSE for voluntary delisting, and applicable regulations of the Securities and Exchange Commission.
SMIC confirmed in a separate disclosure that its planned tender offer for the minority shares of 2GO is being conducted in view of applying for a voluntary delisting of 2GO.
Prior to this, SMIC said it is making a tender offer for all the minority-held shares of shipping and logistics subsidiary 2GO with a market value of about P3.5 billion.
SMIC said it is making a tender offer for 378.82 million 2Go common shares constituting 15.39 percent of its issued and outstanding common capital stock.
The tender offer is subject to an independent third party fairness opinion and SMIC has engaged BPI Capital Corporation as the independent third-party valuation provider to render the fairness opinion.
SMIC has also appointed BDO Securities Corporation as tender offer agent.
“The tender offer price, timing, terms and conditions of the tender offer shall be determined and finalized upon receipt and acceptance by the SMIC Board of Directors of the fairness opinion report of BPI Capital,” the firm said.