The Philippine Stock Exchange said Thursday it suspended the trading of Pepsi-Cola Products Philippines Inc. after the company’s public float fell below the minimum level.
The PSE said trading of PCPPI was suspended on Thursday after a recent tender offer to minority shareholders left only 2.1 percent of the company’s shares in public hands.
PCPPI said in a disclosure to the stock exchange a total of 1.132 billion shares, representing 30.7 percent of the company’s total issued and outstanding capital stock, were tendered and accepted by Lotte Chilsung Beverage Co. Ltd. at the end of the tender offering period.
This will increase Lotte Chilsungs stake in PCPPI to 69.5 percent.
Quaker Global Investments B.V., the wholly-owned subsidiary of PepsiCo, Inc., which owns 25 percent stake in PCPPI did not participate in the tender offer.
