Keppel Philippines Marine to delist

Keppel Philippines Marine, Inc (KPMI) is planning to delist from the Philippine Stock Exchange due to low trading volumes, Seatrade Asia online reports. The Manila-based shipyard intends to delist its shares on 28 October as it does not foresee any capital raising activities by offering more shares to the public in the near future. KPMI's publicly-owned common stock consist of only 4.17% of its capital, below the required 10% minimum public ownership. Singapore-based investment holding firm KS Investments intends to make a tender offer to the shareholders of KPMI holding the remaining 83.77m minority shares at a price of P3.00 per share, according to KPMI. KS Investments currently owns 1.92bn common shares or 95.83% of KPMI's outstanding capital stock. The offer period from KS Investments will be from 1 August until 9 September.