SUMMARY
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MANILA, Philippines – San Miguel Brewery, which is set to delist from the Philippine Stock Exchange (PSE), set its tender offer price at P20 per share.
This is a discount from the P29.30 the San Miguel Brewery shares were last traded on December 28, 2012, the last trading day before the deadline of compliance to a PSE rule.
The brewer told the exchange on Wednesday, February 20, that it will make the mandatory offer to holders of 94,239,810 shares held by its shareholders other than parent San Miguel Corp. and Japanese brewer Kirin Holdings Company, Limited. from March 4 to April 3.
These represent only 0.61% of the company’s outstanding capital stock, way below the minimum required 10% public float set by the PSE as part of capital market reforms.
The brewer said it has allocated P1.9 billion from its unrestricted retained earnings for the buy back.
Trading of San Miguel Brewery’s shares has been suspended since January 1. – Rappler.com
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