Posted on March 04, 2013 11:03:39 PM [ BusinessWorld Online ]
By Franz J. G. de la Fuente, Reporter
DEVELOPER San Miguel Properties, Inc. has submitted a petition to voluntarily delist from the Philippine Stock Exchange (PSE) by May 6 due to its low public float, a company disclosure read.
San Miguel Properties said it plans to exit the bourse pending the results of the buyback of the company’s publicly held shares.
“San Miguel Properties hereby requests the approval of this Petition for Voluntary Delisting, with May 6 as the effective date of the delisting of San Miguel Properties’ common shares from the PSE,” the disclosure read.
Last Feb. 5, San Miguel Properties’ board approved the company’s delisting from the PSE, as well as a tender offer for shares held by minority stockholders from March 6 to April 5.
“As approved by the San Miguel Properties board during the special meeting of the board of directors on Feb. 5, San Miguel Properties will acquire 77,980 publicly held common shares of San Miguel Properties,” the disclosure added.
A separate disclosure yesterday showed that San Miguel Properties will acquire the shares at P134.12 apiece, or at an 80.84% discount from their last closing price of P700 per share on Nov. 13 last year.
ATR Kim Eng Capital Partners, Inc. and SMC Stock Transfer Service Corp. were tapped as financial advisor and tender offer agent, respectively, for the proposed tender offer which will run from March 6 to April 5. SyCip Salazar and Hernandez & Gatmaitan will serve as external counsel.
San Miguel Properties, established in 1990, is the real estate arm of diversified conglomerate San Miguel Corp.
Ramon S. Ang, San Miguel president, last year said the conglomerate’s noncompliant units -- including San Miguel Properties -- could be delisted as they were unlikely to meet a yearend deadline to hit a minimum 10% public float.
San Miguel Properties as well as sister firms PAL Holdings, Inc., and San Miguel Brewery, Inc. have below-minimum public floats of 0.065%, 2.30%, and 0.61%, respectively.