PHILIPPINES: San Miguel Brewery confirms plan to delist from PSE
The SMC subsidiary plans to delist from the PSE
San Miguel Brewery has submitted a request to delist from the Phillipine Stock Exchange.
In a filing to the PSE today (21 February), the brewer said it has lodged a petition to delist its shares on 15 May. The San Miguel Corporation subsidiary last month had its shares suspended from the PSE for failing to meet the Philippines' minimum public ownership requirement of 10%.
San Miguel Brewery, which is 48%-owned by Japan's Kirin Holdings, also said today that it intends to buy back 0.61% of its outstanding public stock from minority shareholders at PHP20 (US$0.49) per share. The month-long tender offer will launch on 4 March.
The soft drinks market represents around 30% of Primo Schincariol’s net sales, and carbonates, bottled water and fruit/vegetable juice are the most representative products within the company’s portfol...
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