Pepsi-Cola Products Philippines, Inc. has secured stockholders’ approval to delist its shares from the Philippine Stock Exchange (PSE).
The company said in a disclosure on Friday that it has received the written approval of its stockholders to voluntarily exit the market. The stockholders represent 94.56% of the company’s outstanding capital stock.
“Therefore, by written assent, the delisting of the company’s shares from the main board of the PSE is deemed approved by the stockholders,” Pepsi-Cola Philippines said.
Pepsi-Cola Philippines made the decision to delist voluntarily in September after its public ownership dropped to 2.1%, way below the 10% minimum requirement of the PSE. This was a result of the sale of 30.7% or 1.13 billion shares to Lotte Chilsung Beverage Co. Ltd. earlier this year.
Lotte Chilsung is currently trying to buy the remaining 77.86 million common shares in the company from shareholders other than Lotte Corp. and Quaker Global Investments B.V.
Pepsi-Cola Philippines shares were last traded on June 17, when it closed at P1.70 apiece. — Denise A. Valdez
