PEPSI-COLA Products Philippines, Inc. said on Thursday that the Philippine Stock Exchange (PSE) approved its petition to delist its shares.
In a disclosure, Pepsi said the PSE granted its petition for voluntary delisting filed on Sept. 15 and already ordered the delisting of its shares from the latter’s official registry.
“The delisting shall be effective as of the end of business on December 18, 2020, subject to the payment of the voluntary delisting fee,” it said.
On Oct. 23, Pepsi received the written approval of its stockholders to delist its shares and voluntarily exit the market.
Pepsi decided to delist voluntarily after its public ownership fell to 2.1%, far from the 10% minimum requirement of the PSE.
The said figure was a result of the company’s sale of 30.7% or 1.13 billion shares to Lotte Chilsung Co. Ltd. earlier this year.
Shares in Pepsi at the stock exchange were last traded on June 17, when it ended at P1.70 per piece. — Revin Mikhael D. Ochave