Mabuhay delisting up
Tosoh Corp. of Japan said it will pursue plans to delist chemical manufacturing firm Mabuhay Vinyl Corp. from the Philippine Stock Exchange.
“The bidder may pursue a proposal to delist the shares of MVC from the PSE subject to compliance with the applicable rules,” Tosoh said in a final tender offer report filed with the Securities and Exchange Commission.
MVC’s public float has remained above the 10 percent minimum public ownership requirement, after Tosoh recently completed the acquisition of a majority interest in MVC.
Tosoh currently owns a 87.97-percent stake in MVC after acquiring BDO Unibank Inc.’s 35.47-percent stake and purchasing an additional 12.58 percent at the end of the tender offer period.
Tosoh owned 39.92 percent of MVC prior to the agreement with BDO.
MVC produces four basic chemicals with a wide range of industrial and household applications.
Tosoh is one Asia’s largest manufacturers of plastic resins and produces several important vinyl-related chemicals from fully integrated operations.