Quantcast
Latest Stories

Cosmos to delist from local stock exchange

By

MANILA, Philippines—Softdrinks manufacturer Cosmos Bottling Corp. is finally to delist from the Philippine Stock Exchange, five years after trading in its shares was suspended.

In a disclosure to the PSE on Thursday, CBC said a tender offer to minority stockholders would be made at P1.758 per share by its controlling stockholder, Philippine Bottlers Inc., which in turn is 100-percent owned by Coca Cola Bottlers Philippines Inc., the country’s leading carbonated beverage maker.

The tender offer to minority shareholders will run from April 17 to May 16.  The company’s board has approved the voluntary delisting process.

Only 1.79 percent of CBC’s 903.56 million outstanding shares are currently held by the public. Shares of CBC were last traded on the PSE in 2006.  Trading in CBC shares was suspended in 2008 due to the company’s non-compliance with reportorial obligations.

CBC was originally established as the Manila Aerated Water Factory in 1945. Its branded products available in the domestic market nationwide consist of Pop Cola, Sarsi, Cheers Lemon and Orange, Jaz Cola and Sparkle.

This company was once controlled by the Concepcion family and was eventually sold to San Miguel Corp. in the early 2000s. When SMC eventually sold the softdrink business back to The Coca-Cola Co. of Atlanta in 2007, CBC was part of the package.  Last December, the Mexico-based global bottling giant Coca-Cola FEMSA signed a deal to acquire 51 percent of CCBPI for $688.5 million in cash.

Trades effected outside the trading system of the PSE no longer enjoy the preferential  tax rate of ½ of 1 percent.  Instead, these will be subject to a capital gains tax of between 5 and 10 percent.

Apart from capital gain taxes on sale of shares – equivalent to 5 percent for transactions up to P100,000 and 10 percent for those in excess of P100,000 – over-the-counter trades on unlisted 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 , Coca-Cola , Cosmos Bottling Corp. , Food and Beverage , News , Philippine Stock Exchange , San Miguel , Stock Market

  • joboni96

    another pilipino company
    bites the dust

    thanks to globalization
    brought by collaborators in the government

    • boboposter

      Nagmarunong nanaman ang joboni… na delist lang, “bites the dust” na daw kagad.

      Alamin mo muna yang pinagsasabi mo bago ka tumula!

      • DIGOYBULOY

        lol.. bayaan mo na tol.. may sayad yan eh

      • http://pulse.yahoo.com/_JEMNLLYAP5EA7SM3A6QUOGV62Q Chris

        heheh.. yan talaga pag wlng alam..



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

  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Man found dead in Quezon City, alleged victim of summary execution–report
  • Aquino to lead Air Force turnover rites
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Marketplace