San Miguel Brewery to launch offer on March 4 to buy back shares held by minority stockholders at steep discount to last traded price before delisting from Philippine Stock Exchange
February 18, 2013
(Industry Intelligence Inc.)
– San Miguel Corp.'s beer-making unit San Miguel Brewery Inc. (SMB) said it would launch an offer on March 4 to buy back shares held by minority stockholders at a steep discount to their last traded price before it delists from the Philippine Stock Exchange (PSE), Thomson Reuters reported Feb. 18.
SMB said it would buy back 94.2 million shares at 20 Philippine pesos per share, compared with its last traded price of 29.3 pesos per share, at a total cost of 1.9 billion pesos (US$47 million).
SMB shares have been suspended from trading since Jan. 3 because of the brewery's failure to meet the PSE's minimum public float requirement of 10%.
The primary source of this article is Thomson Reuters, London, England, on Feb. 18, 2013.