San Miguel may voluntarily delist 3 units

ABS-CBN News

Posted at Aug 28 2012 04:41 PM | Updated as of Aug 29 2012 03:04 AM

MANILA, Philippines - San Miguel Corp. may voluntarily delist three of its units by the end of 2012, if it cannot comply with the stock exchange rules on public ownership.

"If we can't comply with the PSE (Philippine Stock Exchange) rules then we will voluntarily delist (San Miguel Brewery, San Miguel Properties and San Miguel Pure Foods Co.) by the end of this year," Ramon Ang, San Miguel president, said.

The Philippine Stock Exchange (PSE) is requiring listed companies to maintain a minimum public float of 10% starting 2013. The PSE said it will begin suspending companies that fail to comply with the minimum public float requirement next year.
 
"We will still try to sell shares but if the economic situation does not improve then we can't do anything but to delist," Ang said.

At present, San Miguel Brewery has a public ownership level of 0.6%, falling short of the PSE rules.

There are currently 27 listed firms that do not meet the required minimum public float.