PHILIPPINES: San Miguel Brewery still mulling shares delisting
The company says it is considering delisting from the Philippine Stock Exchange
San Miguel Brewery has confirmed that it is still considering delisting from the Philippine Stock Exchange (PSE) as it is yet to comply with rules over public ownership.
In a filing with the PSE today (2 January), the company said that “voluntary delisting is an option that is being considered following the denial of the company's request for extension to comply with the Minimum Public Ownership Rule”. Under PSE rules, publicly-listed companies must have a minimum public float of 10%.
The PSE denied the company an extension to its end-of-the-year deadline for meeting the public ownership requirement.
San Migeul Corp (SMC), the parent company of San Miguel Brewery, said in July that it was “exploring various options” to address the issue. It was reported at the time that the delisting had hit problems as Kirin, which owns a 48% stake in the brewery, had declined to cut its stake by 10%. San Miguel Corp owns 51% of the unit.
Yesterday, the Business Mirror reported SMC president Ramon Ang as saying there is currently “no discussions” with Kirin.
In November, the brewery reported that nine-month net profits were up by 5% to PHP15.4bn (US$374m).
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