SUMMARY
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Pepsi-Cola Products Philippines Incorporated (PCCPI) will be delisting from the Philippine Stock Exchange (PSE), as it failed to meet the minimum public ownership requirement.
PCPPI told the PSE on Thursday, September 10, that its board approved the voluntary delisting, as its public float fell to just 2.1%, much lower than the required 10%.
Under the PSE rule on minimum public ownership, the company has until December 18 to comply with the 10% minimum public float requirement.
“Considering the level of its public ownership and the prevailing market conditions, it will not be able to comply with the minimum public ownership requirement by 18 December 2020,” PCPPI said.
PCPPI will now conduct a tender offer to acquire up to 77.86 million of common shares held by the public.
The company went public in 2008 and offered its shares at P3.50 apiece.
As of previous close last June 17 or before its trading suspension, PCPPI shares were trading at P1.70 apiece with a 52-week high of P2.18.
PCPPI is the exclusive bottler in the Philippines of PepsiCo’s beverages like Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Sting, and Aquafina.
In September 2019, PCPPI shut down its snacks production line and discontinued making local Cheetos to focus on its core business. – Rappler.com
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