MANILA, Philippines - Shipyard operator Keppel Philippine Marine Inc. (KPMI) will be stricken off the list of companies in the stock exchange effective Oct. 28.
The delisting of the shares from the official registry of the exchange is subject to the payment of the required voluntary delisting fee.
KPMI said it sought delisting since its public float accounted for only 4.17 percent of its capital, below the required 10 percent minimum public ownership. Aside from this, the company does not foresee any capital raising activities by offering shares to the public in the near future.
In view of this, KPMI said KS Investments Pte. Ltd. (KSI), a Singaporean investment holding company, made a tender offer to the stockholders of KPMI holding the remaining 83.77 million minority shares which comprise 4.17 percent of KPMI’s outstanding capital stock, at P3 each share.
Prior to the tender offer, KSI owned 1.92 billion common shares or 95.83 percent of KPMI’s outstanding capital stock.
KPMI was originally incorporated in 1992 as Kepphil Shipyard Inc. and was registered with the Board of Investments in 1993 as a ship repair and shipbuilding enterprise enjoying preferred pioneer status.
In 1998, the Keppel Philippines Group of Companies underwent a business reorganization that included the change in corporate name of Kepphil Shipyard Inc. to KPMI.
On Oct. 25, 2005, KPMI obtained its registration with the BOI as a new export producer of tugboat, general cargo vessel and oil rig hulls.
The main business of KPMI and its wholly-owned subsidiaries is in shiprepair and shipbuilding/fabrication. Vessels are brought by their owners to the yard for repair and after successful completion of the repair work, these vessels sail out of the yard and redelivered to owners.
KPMI’s wholly-owned subsidiaries are Keppel Batangas Shipyard Inc. (KBSI) and Keppel Cebu Shipyard Inc. (KCSI). In 2009, KCSI ceased operations and is now a dormant company. KPMI also has a subsidiary named Subic Shipyard and Engineering Inc. (SSEI).