Barrio Fiesta majority stakeholder, to delist from PSE
Board of directors of Splash, who owns 80% of restaurant chain Barrio Fiesta, just dropped a major decision on Monday.
After 9 years, Splash Corporation, the local business known for its beauty products and owner of 80% stake in Barrio Fiesta, will delist from the Philippine Stock Exchange after posting a low trading volume over the past two years, Rappler reported.
On its board meeting on Monday, July 11, Splash board of directors agreed to initiate delisting from the local bourse through a unanimous vote.
The report said that the decision was due to the “low trading volume of Splash’s shares over the last 24 months, the response of the investing public to the ongoing share buy-back program, and the company’s desire to avoid telegraphing its business plans to its competitors.”
The homegrown personal care manufacturer said it will implement a tender offer for all the 158.45 million publicly-owned common shares, which is about 26.66% of the company’s issued and outstanding common stock.
Price of the tendered offer is at P3.10 per share, the report said.
Splash has been a renowned brand among Filipinos for its affordable beaty products that effectively competed with distinguished foreign brands. Some of its key products include Kolours, Extraderm, Vitresse, Skin White, Maxi-Peel, Theraherb VCO and Biolink.
Splash owns an 80% stake in Barrio Fiesta Manufacturing Corporation.
Splash also signed a share purchase agreement with Moondish Foods Corporation owners for P33 million in October 2012, Rappler said. Moondish is known for its “laing or taro leaves in coconut cream in can.”