8990 Holdings Inc. is deferring its plan to sell shares of Pasir Salak Investments Ltd. and TPG Rafter Holdings Ltd. in the company citing the adverse market condition.
“Since the registration statement was filed, the management teams of the company and the selling shareholders have exerted diligent and good faith efforts to prepare for the offer and implement the various steps needed to comply with the requirements for registration in order to have been in a position to proceed with the proposed offer.
However, this has proven to be very challenging given current market volatility and the economic uncertainties due to the continuing pandemic, including increasing inflationary pressures exacerbated by the Ukraine-Russia conflict,” the company said.
8990 said when it filed for the share sale on Jan. 24, 2022, the Philippine Stock Exchange index (PSEi) has dropped 12.41 percent as of July 7, 2022 compared to 7,252.64 in the beginning of the year.
“The company and selling shareholders are continuing to seek guidance from their financial advisors in relation to when circumstances are more favorable to re-file the registration statement,” 8990 said.
