PSE approves delisting of Pepsi Philippines

ABS-CBN News

Posted at Dec 18 2020 06:50 AM | Updated as of Dec 20 2020 10:56 AM

PSE approves delisting of Pepsi Philippines 1
Pepsi cola bottles are shown in this file photo. Pepsi-Cola Products Philippines Inc said Monday the country's antitrust watchdog approved the plan of, Lotte Chilsung, to buy out its fellow shareholders. AP/file

MANILA - Pepsi-Cola Products Philippines Inc said the Philippine Stock Exchange (PSE) approved its request to delist from the local bourse.

"The PSE has accordingly ordered the delisting of the company’s shares from the official registry of the PSE. The delisting shall be effective as of the end of business on Dec. 18," Pepsi Philippines told the stock exchange on Thursday.

In September, the company decided to delist as its public ownership level went down by 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 delisting 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 comply with the minimum public ownership requirement by Dec.18," PCPPI told the exchange earlier in September.

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

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