THE Philippine Stock Exchange (PSE) has approved the voluntary delisting of Pepsi-Cola Phillippines Inc. filed before the local bourse on Sept. 15, 2020.
In a disclosure, the PSE also ordered the delisting of the company’s shares from the official registry of the PSE.
“The delisting shall be effective at the end of business on Dec. 18, 2020, subject to payment of voluntary delisting fee,” the company announced.
On June 18, Pepsi-Cola Philippines disclosed that its public ownership level was at 2.1 percent or below the 10 percent PSE rule on minimum public ownership after the conclusion of the tender offer conducted by Lotte Chilsung to acquire shares of the company from the company’s shareholders.
Under the PSE rule on minimum public ownership, the company has until Dec. 18 to comply with the 10 percent minimum public float requirement or otherwise be subject to involuntary delisting.
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. / PR