Pepsi-Cola Products Philippines, Inc. has secured stockholders’ acceptance to delist its shares from the Philippine Stock Exchange (PSE).
The business said in a revelation on Friday it has obtained the written approval of its stockholders to voluntarily exit the market. The stockholders represent 94.56% of their business’s outstanding capital stock.
“Therefore, by written assent, the delisting of the provider’s shares from the main board of the PSE is approved by the stockholders,” Pepsi-Cola Philippines stated.
Pepsi-Cola Philippines made the decision to delist voluntarily in September after its public possession dropped to 2.1%, far below the 10% minimum need of their PSE.
This was a result of the sale of 30.7% or 1.13 billion stocks to Lotte Chilsung Beverage Co. Ltd. earlier this year.
Lotte Chilsung is presently hoping to purchase the remaining 77.86 million common shares in the business from shareholders other than Lotte Corp. and Quaker Global Investments B.V.