Spotted this news from inquirer.net regarding the de-listing of San Miguel Corporations(SMC) brewery unit, San Miguel Brewery Inc.(SMB) due to its failure to maintain the required minimum public float of 20%.
Below is an excerpt of the news:
San Miguel Brewery delisting from PSE, sets tender offer at P20 each
MANILA, Philippinesâ€”Diversifying conglomerate San Miguel is delisting flagship San Miguel Brewery Inc. from the local stock market and buying back minority shares at P20 per share.
SMB is the largest company to delist from the PSE in recent years. A partnership between San Miguel Corp. and Japanese beer giant Kirin, SMB has a market capitalization of P451.53 billion.
In a notice to stockholders published on Monday, SMB said its board had approved the voluntary delisting of the company from the stock exchange as well as a tender offer to buy back 94.24 million shares â€“ representing the 0.61 percent public float.
The tender offering priced at P20 per share will start on March 4 and end on April 3 this year.
The beer-maker was last traded on the PSE at P29.30 per share on Dec. 28.
Also found this news from Bloomberg regarding the delisting of SMB:
It is one of the inevitable situation with SMB being more of a joint venture between SMC and Kirin Brewery of Japan. According to the disclosure made my SMB to the SEC(click here to view disclosure) SMC owns 51% while Kirin Brewery owns 48.39% of the total outstanding shares thus failing to meet the required 20% minimum public float for listed company.