Pepsi-Cola Is Delisting From the Philippine Stock Exchange
Pepsi-Cola Products Philippines Inc. (trading as PIP) is voluntarily delisting from the Philippine Stock Exchange (PSE), as confirmed in a disclosure on September 10.
The news comes after Korea’s Lotte Chilsung Beverage Co. Ltd. made an offer to acquire PCPPI’s 77,858,236 common shares.
Public companies listed on PSE must have at least 10 percent of shares on the board. In June 2020, PIP disclosed that its public ownership level was only at 2.1 percent. Under PSE’s rules, PIP would have to meet the 10 percent minimum public float requirement by December 2020, to still be counted on the board or else face involuntary delisting by PSE.
To avoid this, PIP’s board of directors has decided to voluntarily delist from the stock exchange “after due evaluation and study of the options available to the company.”
It’s not yet confirmed when PIP will officially delist, but it’s expected to occur after Lotte files its tender offer report with the Securities and Exchange Commission on September 16, 2020.