San Miguel Properties delisting from PSE

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MANILA, Philippines–Diversifying conglomerate San Miguel is taking its property unit San Miguel Properties Philippines Inc. (SMPI) back to private hands.

The board of SMPI approved the filing of a voluntary petition to delist from the Philippine Stock Exchange, said a disclosure on Wednesday.
In line with the delisting rules on PSE, the board has also approved SMPI’s conduct of a tender offer to buy out shares held by minority stockholders.

The thinly traded SMPI, one of the subsidiaries of San Miguel Corp., has a meager public float of 0.06 percent out of its market capitalization of about P85 billion. It last traded at P700 per share on Nov. 13 last year.

SMPI was among the seven publicly companies on which trading was suspended at the start of the year due to failure to comply with the 10 percent minimum public float required by the PSE for continuing listing.

In its disclosure, SMPI said it had mandated ATR Kim Eng Capital Partners Inc. as financial adviser on its tender offering. The tender offering is targeted to run from Feb. 27 to March 26. Management was authorized to decide on the price and other terms and conditions of the offering.

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