Stockholders Approve Delisting of Pepsi-Cola Philippines from PSE 

Pepsi-Cola Products Philippines Inc (Pepsi Philippines) announced Friday that its stockholders have approved the company’s plan to voluntarily delist the its shares that are listed on the main board of the Philippine Stock Exchange.

Pepsi Philippines said it has received written assent forms signifying votes in favour of the delisting from stockholders holding, or representing 3.5 million shares or 94.56 per cent 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,” the company said in a disclosure.

Pepsi-Cola Philippines received on October 13 the amended tender offer report filed by Lotte Chilsung Beverage Co Ltd with the Securities and Exchange Commission.

“Please be advised that on 30 September 2020, the PSE advised the Tender Offer Agent, First Metro Securities Brokerage Corporation, that the PSE will not approve the crossing through the facilities of the PSE of shares that will be tendered by minority shareholders in connection with the Delisting Tender Offer since it will not temporarily lift the trading suspension imposed on PCPPI when the Company fell below the minimum public ownership requirement. In view of the foregoing, the transfer of the Tender Offer Shares would now to be undertaken outside the facilities of the PSE. Accordingly, the costs on the tendering shareholders, the documentary requirements, and mechanics for tendering the shares have been amended in this Tender Offer Report,” the company disclosed.

The South Korean firm, which currently holds 42.22 per cent of Pepsi Philippines, intends to acquire approximately 2.1 billion common shares, equivalent to 57.78 per cent of the total issued and outstanding capital stock of the Philippine-listed company.

Lotte Chilsung Beverage became the biggest shareholder of company when it acquired 34.4 per cent of the company in 2010 for 4.4 billion pesos ($87 million). The company acquired 1.27 billion shares of Guoco Inc, Hong Way, and other minority shareholders at 3.50 pesos per share back then. – BusinessNewsAsia.com