Delisting of SMC property arm approved

The Philippine Stock Exchange has approved the voluntary delisting of San Miguel Properties Inc. effective May 6.

This was after the property unit of conglomerate San Miguel Corp. completed a mandatory tender offer to minority stockholders at P134.12 per share. Some 1.37 percent of the shares held by the public were tendered at the end of the offer period.

There are at present 76,908 shares that are still held by the public. This represents 0.06 percent of the total issued and outstanding capital stock.

Ceasing to be a public company means San Miguel Properties will be subject to less stringent financial reporting and disclosure obligations compared to listed peers.

The PSE earlier suspending the trading of the shares of seven companies, including San Miguel Properties and sister firm San Miguel Brewery, due to their failure to comply with the 10 percent minimum public float requirement.