Chemrez wants to delist from PSE on Jan. 10

Chemrez Technologies Inc. is seeking to delist its shares from the Philippine Stock Exchange effective January 10, 2015, the company said in a disclosure on Monday.

The company filed a petition for voluntary delisting from the local bourse on Monday.

According to the company, D&L Industries Inc. (DNL) conducted a mandatory tender offer from Sept. 4 to Oct. 3 for the acquisition shares of the common stocks of Chemrez that were not owned by DNL, composed of 850.38 million Chemrez common shares, or 65.3 percent of the issued and outstanding common shares of Chemrez.

DNL tendered and accepted 846.40 million common shares or 65 percent of Chemrez's total issued and outstanding common stock. It brought the common shares owned by DNL to 1.29 billion common shares or 99.7 percent of Chemrez's total issued and outstanding common stock.

The amended rule on minimum public ownership requires listed companies to maintain a minimum percentage of listed securities held by the public of 10 percent of the listed companies' issued and outstanding shares, exclusive of treasury shares.

The rule allows a company to undergo voluntary delisting if public ownership falls below the required minimum and to conduct a tender offer to all stockholders of record. — Kathryn Mae P. Tubadeza/BM, GMA News