MANILA - Pepsi-Cola Products Philippines Inc said Tuesday the stock exchange suspended trading of its shares after Lotte Chilsung's acquisition of an additional stake caused its public ownership to fall below the minimum requirement.

South Korea's Lotte Chilsung Beverage Co Ltd acquired 1,132,950,431 of PCPPI shares through a tender offer, the company told the stock exchange.

Lotte Chilung's shares represent 30.7 percent of PCPPI's total shares, which brought public ownership to 2.1 percent or below the 10 percent public ownership requirement, it said.

"As a result of the percentage of public ownership falling below the minimum public ownership requirement of ten percent (10 percent), the PSE has suspended the trading of PCPPI shares, in accordance with the PSE Listing and Disclosure Rules," the beverage manufacturer said.

LOOK: Pepsi-Cola Products PH trade suspended after tender offer/ acquisition by Lotte Chilsung of approx 30.7% of PCPPI’s shares. As a result, percentage of public ownership of PCPPI is now approximately 2.1% (below minimum public ownership requirement) @ANCALERTS pic.twitter.com/APu7XMC09l

— Michelle Krystle Ong (@michelle_d_ong) June 23, 2020

Pepsi will issue a separate disclosure in "due course" to address meeting the minimum public float, it said.

The company assured the public that it would remain as the exclusive manufacturer and bottler of Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorage, Tropicana, Sting and Aquafina in the Philippines.

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-- with a report from Michelle Ong, ABS-CBN News