Conglomerate San Miguel Corp. decided to delist its property unit from the Philippine Stock Exchange, following its failure to comply with the 10-percent minimum public ownership requirement.
San Miguel Properties Inc. said in a disclosure to the stock exchange its board approved the filing of the petition for voluntary delisting.
The property company said it would conduct a tender offer for the acquisition of the common shares held by minority shareholders.Â The tender offer will run from Feb. 27 to March 26, 2013.
The company has yet to offer the price for shares owned by minority stockholders.
SMPI had a public ownership of 0.06 percent, which is equivalent to 77,980 shares, as of end-2012.
Its share closed at P700 apiece on Dec. 31, prior to trading suspension.Â This means it would spend P54.58 million to buy the shares held by minority shareholders during the tender offer.
ATR KimEng Capital Partners Inc. will act as the financial advisor for the transaction.
SMPI is one of the two San Miguel-owned firms that was not compliant with the 10- percent public ownership rule.Â The second one is San Miguel Brewery, which has a public float of 0.61percent.
The PSE suspended trading of seven listed companies on Jan. 2, after their minimum public ownership levels remained below the 10 percent required by the exchange.
Aside from SMPI and SMBI, other companies suspended by the PSE were Alphaland Corp., Southeast Asia Cement Holdings Inc., PAL Holdings Inc., Allied Banking Corp. and PNOC Exploration Corp.
Trading of three non-compliant companies also remained suspended, including Philcomsat Holdings Corp., Cosmos Bottling Corp. and Nextstage Inc. for other disclosure violations.
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