Splash Corp., a Filipino-owned manufacturer of personal care products, has announced its plan to delist from the Philippine Stock Exchange (PSE). The move will include a tender offer to acquire all the shares held by minority stockholders, amounting to 158.45 million shares and representing about 26.66 percent of the issued and outstanding common stock of the company.
The decision of the company comes after the observed low trading volume of its shares over the past 24 months.
Another factor taken into consideration was the company’s desire to avoid telegraphing its business plans to its competitors.
Aside from its business in the Philippines, Splash has also ventured into high-growth markets in Southeast Asia, Africa, the Middle East and North America. The company reported a net income of P160 million in the first half—a gigantic leap from its P12 million in the same period.
The personal care business had the highest increase in local and international sales, growing by 12 and 13 percent respectively.
