SUMMARY
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MANILA, Philippines – The property unit of diversified conglomerate San Miguel Corp. will delist from the Philippine Stock Exchange for failure to comply with the 10% minimum public ownership requirement.
San Miguel Properties Inc. (SMPI) said in a disclosure on Wednesday, February 6, its board approved its plan to file a petition for voluntary delisting.
The company said it would offer to buy out public shareholders. The tender offer will run from February 27 to March 26, 2013.
It has yet to determine the acquisition price, but its shares last traded at P700 apiece in the market.
SMPI has a public float of 0.06%, equivalent to 77,980 shares.
SMPI is one of the two public float-deficient San Miguel subsidiaries. The other is San Miguel Brewery Inc., whose public ownership is 0.61%. – Rappler.com
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