Public shareholders snub San Miguel unit’s tender offer
San Miguel Properties is able to buy back only 1.37% of shares held by public investors in a recently concluded tender offer

SNUBBED. Shareholders ignored SMPI's tender offer. AFP Photo

MANILA, Philippines – San Miguel Properties Inc. (SMPI), which is set to delist from the Philippine Stock Exchange (PSE), was able to buy back only 1.37% of its shares held by public investors.

In a disclosure to PSE on Tuesday, April 16, it said it was able to purchase only 1,072 common shares held by the public in a tender offer, which ended April 5.

Most of the public investors ignored the offer, which was priced at P134.12 per share, much lower than SMPI’s closing price of P700 when it last traded on November 13.

The tendered shares accounted for 1.37% of the 77,980 common shares held by the public. The total public float was equivalent to 0.06408% of SMPI’s issued and outstanding capital stock.

The tender offer was valued at P142,029.44 after deductions.

SMPI earlier announced it would delist from the PSE for failure to meet the bourse’s public ownership requirement. – Christian Bautista/

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