SMC to buy out minority shareholders of property arm
MANILA, Philippines—The property unit of San Miguel Corp. has offered to buy out minority shareholders ahead of delisting from the Philippine Stock Exchange at a price of P134.12 per share.
In a tender offer report filed by San Miguel Properties Inc. at the PSE, the company said it would redeem the tendered minority shares in cash. The offer period started on Monday and will run until April 5.
The tender offer made by SMPI was priced way below the company’s P700-per share last traded price at the local stock exchange on Nov. 13 last year.
About 77,980 SMPI shares equivalent to 0.064 percent of issued and outstanding stocks are held by the public.
The tender offer report said all expenses shall be for the account of tendering shareholders.
SMPI is required to make an offer to redeem shares owned by minority shareholders ahead of the property company’s planned delisting from the PSE on May 6. It was among seven companies whose shares were suspended from trading at the start of the year due to failure to comply with the 10 percent minimum public float required by the PSE for continued listing on the exchange.
SMPI has mandated ATR Kim Eng Capital Partners Inc. as financial adviser on its tender offering.