DMCI Group will be seeking the approval of its shareholders to delist its mining unit, Toledo Mining, from the London stock exchange, a move meant to cut costs.
In a disclosure to the stock exchange on Tuesday, June 18, DMCI Holdings said it will need to comply with the rule of the London Stock Exchange to gather the approval of 75% of unit Toledo Mining Corp Plc shareholders before it can delist.
“With only 66.52% ownership, the decision to delist does not solely lie with the Company (through wholly owned subsidiary DMCI Mining Corp.) but requires further approval from other shareholders,” DMCI said.
DMCI Holdings said it prefers to delist Toledo “to reduce costs, including listing costs.”
Toledo’s activities in the Philippines have given rise to grave concern and community opposition: see