MANILA, Philippines — Pepsi-Cola Products Philippines Inc. (PCPPI) will delist from the Philippine Stock Exchange effective today.
In a circular yesterday, the PSE said it has approved the petition for voluntary delisting filed by PPCCI.
“The PSE...accordingly ordered the delisting of the company’s shares from the Official Registry of the Exchange effective as of end of business on Dec. 18, 2020,” PSE president and CEO Ramon Monzon said in a signed circular.
The trade of PCPPI’s shares is currently under suspension due to the company’s failure to comply with the 10 percent minimum public ownership requirement.
PCPPI filed for voluntary delisting in September.
PCPPI’s public ownership level was reduced to 2.1 percent following the conclusion of the tender offer conducted by Lotte Chilsung Beverage Co. Ltd. to acquire PCPPI shares from the firm’s shareholders.
As a result of the acquisition, PCPPI’s public float level fell below the 10 percent minimum public ownership rule.
PCPPI had until Dec. 18 to comply with the 10 percent minimum public float requirement but was unable to do so.
“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,” PCPPI said in an earlier disclosure.
“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,” it said.
PCPPI is the exclusive manufacturer and bottler in the Philippines of PepsiCo’s beverage brands Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Sting and Aquafina.