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San Miguel unit buyback offer way lower than market price
AFP Photo
MANILA, Philippines - San Miguel Properties Inc. (SMP), the real estate arm of San Miguel Corp., offers to buy out minority shareholders of the company for way less than the company's last closing price in the stock market.
The offer is in line with its delisting from the Philippine Stock Exchange (PSE) on May 6.
The company offers to buy its shares traded in the market for P134.12 for each. This is significantly lower than SMP's closing price of P700 when it last traded on Nov. 13, 2012.
SMP eyes to acquire 77,980 shares owned by the public, valuing the transaction at P10.5 million total. The shares are equivalent to 0.06% of the company's outstanding capital stock.
The company is delisting from PSE due to its failure to meet the minimum public ownership requirement.
The PSE requires that at least 10% of listed firms be owned by public investors.
SMP's offer will run from March 6 until April 5, 2013.
ATR KimEng Capital Partners Inc. is financial advisor for the transaction. - Rappler.com
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