Quantcast
Latest Stories

SMB to be delisted; tender offer at P20/share



San Miguel Corp. has firmed up plans to delist crown jewel San Miguel Brewery Inc. from the local stock market and buy back shares at P20 each.

SMB is the biggest company to be brought back to private hands in recent years. A partnership between San Miguel Corp. and Japanese beer giant Kirin Holdings Co. Ltd., SMB has a market capitalization of P451.53 billion.

In a notice to stockholders published Monday, SMB said its board approved the voluntary delisting of the company as well as a tender offer to buy back 94.24 million minority shares—representing the 0.61-percent public float of the company.

The tender offer priced at P20 a share will start on March 4 and end on April 3 this year. The offer is 31.7-percent lower than SMB’s last traded price of P29.30 a share on Dec. 28 last year.

SMB was among the companies whose trading was suspended this year due to non-compliance with the 10-percent minimum public ownership required by the PSE for continued listing. Industry sources said SMB was unable to comply as SMC or Kirin was willing to reduce interest in the beer-maker.

Manny Cruz, chief strategist at local stock brokerage Asiasec Equities, said the delisting of SMB would have a favorable impact on parent firm SMC because the beer subsidiary was separately valued in the past. He said the fundamental value of SMB would now be better factored in into SMC’s share prices. “If you look at trading activities in SMC, there was some run-up as people have realized the fundamental value of the company,” he said. Doris C. Dumlao


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , delisting , PSE , San Miguel Brewery Inc. , San Miguel Corp.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Malaysia, Flight 370 relatives talk financial help
  • Celebrating Easter and creativity in New York
  • Man wins half marathon, dies in Argentina
  • Clouds to bring slight relief from summer heat
  • Canadians rally to legalize marijuana
  • Sports

  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Ageless Hopkins pitches 50-50 Mayweather deal
  • Goodbye MGM, Las Vegas for Pacquiao?
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Solenn in shorts
  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Business

  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Bourse to woo Cebu stock mart investors
  • Supper power
  • Technology

  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Obama on mission to quiet Asia skeptics
  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Marketplace