PSE orders delisting of San Miguel unit's shares
MANILA, Philippines - More than a week after minority shareholders snubbed its tender offer, the property unit of San Miguel Corp. (SMC) has gained approval for its voluntary delisting from the Philippine Stock Exchange (PSE).
In an order dated April 25, the bourse announced that its board of directors approved the delisting of San Miguel Properties, Inc. (SMPI). The PSE said that SMPI shares would be removed from its official registry on Monday, May 6.
On April 16, the company announced that it only managed to buy back 1,072 common shares held by the public. The figure represents only 1.37% of the 77,980 common shares held by the public.
Most public investors ignored the company's tender offer, which was priced at P134.12 per share. SMPI stocks closed at P700 when it last traded on November 13.
The company is delisting because of its failure to meet the PSE's 10% minimum public ownership rule. The company's public float stood as just 0.06%. Trading of its shares has been suspended since January 1.
Another SMC subsidiary, San Miguel Brewery, is also delisting from the stock exchange. The company set a discounted tender offer price of P20 per shares on February 20. - Rappler.com