Pepsi-Cola Products Philippines Inc. expects to complete the required tender offer of publicly-owned shares and be delisted by November.
The company said its majority shareholder, Korea’s Lotte Chilsung Beverage Co. Ltd., has filed with the Securities and Exchange Commission (SEC) for a P1.95 per share tender offer for the remaining 2.1 percent public float that holders can tender to the company between September 16, to Oct. 13, 2020.
Upon completion of the tender offer period, the shares will then be crossed in the Philippine Stock Exchange by October 26, after which Pepsi’s delisting is expected to be in effect by November 26.
The delisting follows a separate tender offer made by Lotte to Pepsi shareholders early this year, acquiring 30.7 percent of the Pepsi’s shares of stocks, also at P1.95 per share.
The local bottler of Pepsi products has an outstanding shares of stocks of 3.69 billion shares of which only 33.86 million are in the public’s hands. The trading Pepsi shares remain suspended.