Pepsi Cola Products Philippines Inc. will cease to become a publicly traded company after failing to meet the minimum public ownership requirement of the bourse.
In a stock exchange filing, PCPPI said its public float had fallen to 2.1%, below the 10% rule on minimum public ownership.
PCPPI said its board approved the voluntary delisting of its shares from the PSE considering the level of its public ownership and the prevailing market conditions.
In line with this, PCPPI controlling stockholder Lote Chilsung Beverage Co. Ltd. will conduct another round of tender offer to acquire up to 77.86 million PCPPI common shares
held by all shareholders of the company excluding Lotte Corporation and Quaker Global Investments B.V.
PCPPI remains the exclusive bottler in the Philippines of PepsiCo’s beverage brands Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Sting, and Aquafina.
The stock was last traded at P1.70 on June 17, 2020.
Source: Peso Economics
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