Philippine Stock Exchange (PSE) approved the request of Pepsi-Cola Products Philippines Inc. (PCPPI) to delist itself effective today.
On Thursday, PSE said in a circular that it approved PPCCI’s petition for voluntary delisting.
“The PSE…accordingly ordered the delisting of the company’s shares from the Official Registry of the Exchange effective as of end of business on Dec. 18, 2020,” PSE President and CEO Ramon Monzon said in a signed circular.
In September, Pepsi-Cola said PSE suspended the trading of its shares after Lotte Chilsung’s bought an additional stake, causing the public ownership to fall below the minimum requirement of 10%.
South Korea’s Lotte Chilsung Beverage Co Ltd both 1,132,950,431 of PCPPI shares. This is equivalent to 30.7 percent of PCPPI’s total shares, which brought public ownership to 2.1 percent.
“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.
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Pepsi-Cola delists shares from PSE
Pepsi-Cola Products Philippines Inc. (PCPPI) is the exclusive manufacturer of PepsiCo beverages in the Philippines, with a relationship spanning 70 years.
PCPPI is a listed company in the Philippine Stock Exchange (PSE: PIP) with Lotte Corporation, Lotte Chilsung Beverage Co. Ltd., and Quaker Global Investments B.V. as its principal stockholders.
PCPPI manufactures and sells well-known beverage brands: Pepsi-Cola, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Lipton, Sting, Premier, Milkis, and Aquafina.
It has established 14 operations across the country, serving more than 700,000 outlets and providing employment through its extensive distribution network.
“PCPPI is committed to create a positive impact on society with programs focused on environmental sustainability, nation-building, and inclusive development,” it said on its website.
From 1979 to 1981, the company flourished under PCI’s administration, and Pepsi dominated the market with a share of more than 60%. The success was mainly fueled by an aggressive marketing program dubbed “Have a Pepsi Day” and the launching of Mountain Dew.