The property unit of San Miguel Corp. has offered to buy out minority shareholders ahead of delisting from the Philippine Stock Exchange at P134.12 per share.
In a tender offer report filed by San Miguel Properties Inc. in the PSE, the company said it would redeem the tendered minority shares in cash. The offer period started on Monday and will end on April 5.
The tender offer made by SMPI was priced way below the company’s last traded price of P700 per share on Nov. 13 last year.
About 77,980 SMPI shares, or 0.064 percent of issued and outstanding stocks, are held by the public.
SMPI is required to make an offer to redeem shares owned by minority shareholders ahead of the property company’s scheduled delisting from the PSE on May 6.
Trading of SMPI shares was suspended at the start of the year for failure to comply with the 10 percent minimum public float requirement of the PSE for continued listing.
SMPI mandated ATR Kim Eng Capital Partners Inc. as financial adviser for its tender offering.—Doris C. Dumlao