Pepsi-Cola Products Philippines Inc. announced its plan to delist from PSE
Snack and beverage manufacturer Pepsi-Cola Products Philippines Inc. on Wednesday announced its plan to delist from the Philippine Stock Exchange (PSE).
This, as Pepsi Philippines stated in a disclosure that its board of directors had authorized the voluntary delisting of its shares that were listed in the Philippine Stock Exchange’s main board in accordance with “all applicable rules”.
Pepsi Philippines explained that its public ownership level — or the percentage of its stocks that were publicly traded — stood at 2.1 percent, which was below the minimum 10 percent set by the Philippine Stock Exchange.
This was resulted from the conclusion of the tender offer conducted by Lotte Chilsung — a Korean beverage maker — to acquire the shares of Pepsi Philippines from its shareholders.
It was last March when the Philippine Competition Commission approved acquisition of Lotte Chilsung of up to 134,381,838 common shares of Pepsi Philippines, representing 57.78 percent of its total issued and outstanding capital stock.
Under the Philippine Stock Exchange Rule on Minimum Public Ownership, Pepsi Philippines has until December 18, 2020 to comply with the minimum 10 percent public float requirement or otherwise be subject to “involuntary delisting”.
The company would also file a petition to the Securities and Exchange Commission (SEC) for the “voluntary revocation” of the registration of its securities and permit to sell securities.