MerryMart shareholders OK voluntary delisting

MANILA, Philippines —  DoubleDragon Corp.’s plan to voluntarily delist MerryMart Consumer Corp. from the Philippine Stock Exchange (PSE) has won the approval of the retailer’s shareholders.

In a stock exchange filing, MerryMart said shareholders owning more than two-thirds of the total and outstanding common shares of the company approved the proposal to voluntary delist from the PSE during a special stockholders’ meeting held on July 7.

“Following the amended voluntary delisting rules of the PSE, the proposal to voluntary delist MerryMart’s common shares was approved by the shareholders of the company,” it said.

Last month, DoubleDragon received strong support from MerryMart’s shareholders for its planned takeover of the listed retail company, with nearly 99 percent of MerryMart shareholders tendering their shares.

A mandatory tender offer was conducted by DoubleDragon to MerryMart shareholders from May 18 to June 16.

During the period, a total of 4.83 billion common shares were tendered and accepted by DoubleDragon, raising its ownership in MerryMart to 98.61 percent.

MerryMart’s board has earlier approved the company’s exit from the PSE. The company, which operates various formats such as MerryMart Express, MerryMart Market, MerryMart Grocery and MerryMart Wholesale, made its debut on the PSE in June 2020.

After the acquisition, MerryMart will become a direct part of the DoubleDragon Group.