PSE approved the delisting of Pepsi Philippines
Pepsi Philippines on Thursday said that the Philippine Stock Exchange (PSE) had recently approved its request to delist from the local bourse.
This, after Pepsi Philippines announced last September its plan to delist from the Philippine Stock Exchange.
Pepsi Philippines on Thursday told the stock exchange that the Philippine Stock Exchange had accordingly ordered the delisting of PCPPI’s shares from the official registry of the PSE, adding that the delisting should be effective as of the end of business on December 18, 2020.
The approval came months after the company decided to delist as its public ownership level went down by 2.1%, which was below the PSE’s 10% public ownership rule.
This was resulted from the conclusion of the tender offer conducted by South Korean beverage maker Lotte Chilsung to acquire the shares of PCPPI from its shareholders.
“After due evaluation and study of the options available to the company, the board of directors approved and authorized the voluntary delisting of the Company’s shares from the PSE. 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 Dec.18,” PCPPI told PSE last September.
Pepsi-Cola Products Philippines Inc. was the exclusive manufacturer and bottler of Pepsi, Mountain Dew, Gatorage, 7-Up, Mug, Mirinda, Tropicana, Sting, and Aquafina in the Philippines.