PSE approves delisting of Pepsi Philippines from the list

MANILA – Pepsi-Cola Products Philippines Inc said the Philippine Stock Exchange (PSE) approved its request to be delisted from the local exchange.

“Accordingly, the PSE ordered the exclusion of the company’s shares from the official PSE register. The exclusion will take effect from the close of business on December 18,” Pepsi Philippines told the stock exchange on Thursday.

In September, the company decided to delist as its level of public ownership dropped 2.1 percent after South Korea’s Lotte Chilsung Beverage Co Ltd acquired shares in PCPPI.

This is below the PSE’s 10 percent public ownership rule.

“After due evaluation and study of the options available to the company, the board of directors approved and authorized the voluntary exclusion of the Company’s shares from the PSE. Considering the level of its public ownership and the prevailing market conditions, it will not be able to to meet the minimum requirement of public ownership by December 18, “PCPPI told the exchange in early September.

PCPPI is the exclusive manufacturer and bottler of Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorage, Tropicana, Sting and Aquafina in the Philippines.