MANILA - The Philippine Stock Exchange on Wednesday said it has suspended the trading of shares of MerryMart Consumer Corp after its acquisition of Carlos SuperDrug.
MerryMart in a disclosure said it has acquired 75.08 equity stake in Carlos Drugs-Lucena Inc.
The transaction involves primary and secondary shares totaling 337,856 common shares for a total aggregate amount of P339,815,564 or P1,005.80 per common share.
In a statement, the PSE said the transaction is covered by the Rule on Disclosure for Substantial Acquisitions and Reverse Takeovers.
The suspension will take effect until the required comprehensive disclosure is submitted, it added.
"After a review of the disclosure submitted by the Company, the Exchange deems that the foregoing transaction is covered by the Rule on Disclosure for Substantial Acquisitions and Reverse Takeovers under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the Exchange," the PSE said.
Under the rules, trading of the company shares will be suspended effective 9 a.m. on Nov. 10.
Further updates for the trading public will be released by the PSE, it said.
MerryMart is under Injap Investments Inc.