Quantcast
Latest Stories

SMC brewery unit to delist on May 15

By

Beer-maker San Miguel Brewery has requested to be stricken off the roster of the Philippine Stock Exchange effective May 15 this year.

In preparation for this voluntary delisting, SMB is making a tender offer to minority shareholders at P20 a share. These minority investors hold about 94.24 million shares or 0.61 percent of SMB’s outstanding shares.

In a disclosure, SMB said Maybank ATR Kim Eng Capital Partners had conducted the evaluation of the tender offer price and other terms and conditions. After such evaluation, Maybank ATR had opined that the tender offer price was fair at P20 each.

Shares of SMB were last traded on the PSE at P29.30 each on Dec. 28 last year.

The disclosure stated that SMB’s controlling shareholders—San Miguel Corp. and Kirin Holdings of Japan—as well as the directors of SMB would not sell any of their shares during the tender offer. SMC owns 51 percent of SMB while Kirin controls 48.39 percent.

A tender offer, meant to give the minority shareholders a chance to exit the company before it goes back to private ownership, is among the requirements set by the PSE for a voluntary delisting. Ceasing to be a public company means that these San Miguel subsidiaries will have less stringent financial reporting and disclosure obligations compared to listed peers.

SMB is the biggest company to delist from the PSE in recent years. It was among the companies on which trading was suspended this year due to noncompliance with the 10-percent minimum public ownership required by the PSE for continuing listing. SMB failed to comply because neither SMC nor Kirin was willing to reduce its stake in the beer maker.

The San Miguel group likewise earlier announced that it was taking its property unit San Miguel Properties Inc. (SMPI) back to private hands. Since the company is under trading suspension, the sale of shares may be effected only outside the trading system of the PSE or over the counter and based on earlier pronouncements and will be subject to a capital gains tax of between 5 and 10 percent. On the contrary, trades on shares of listed companies enjoy the preferential tax rate of ½ of 1 percent.

Apart from capital gain taxes on the sale of shares—equivalent to 5 percent for transactions up to P100,000 and 10 percent for those in excess of P100,000—trades on suspended companies will be slapped with a documentary stamp tax of P0.75 on each P200 of the par value of the stock.


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



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

  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Gunmen attack Iraq military base, kill 10 soldiers
  • South Korea president shouted down by distraught parents
  • Classmates celebrating 60th birthday among missing in ferry sinking
  • Sports

  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Durant has 42, Thunder beat Pistons 112-111
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Malaysia quarantines 64 villagers over MERS virus
  • DFA: 2 Filipinos survive Korean ferry disaster
  • PH asks airline passengers to check for MERS
  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • Marketplace