MANILA, Sept 28 The Philippines' most
diversified conglomerate San Miguel Corp may have to
delist three of its subsidiaries, including flagship San Miguel
Brewery Inc, from the local bourse if it fails to meet
a minimum float requirement, its president Ramon Ang said on
The Philippine Stock Exchange has set a Dec. 31 deadline for
companies to raise their free float to at least 10 percent in
order to avoid penalties such as trading suspension.
"We are trying our best (to see) if we can comply with the
minimum requirement, but if not we will go for voluntary
delisting," Ang told reporters. "We are having a difficult
San Miguel Brewery, San Miguel Properties Inc, San
Miguel Pure Foods Co Inc are among more than two dozen
firms that do not have enough shares floated.
For the three San Miguel firms to meet the 10 percent
threshold would require issuance of $1.73 billion in new shares,
according to Reuters' calculations.
Some firms which have free floats of less than 10 percent
are preparing to sell shares in the next few weeks, while others
are looking at an option to voluntarily delist.
If companies have not met the requirement by the end of this
year, trading in their shares will be halted at the start of
2013, and forced delisting will follow if they fail to enlarge
their free floats within the subsequent six months.
Shares in San Miguel Corp opened flat but fell 0.18 percent
shortly after Ang's comments. Manila's broad market was up 0.56
percent on Friday.
San Miguel shares have fallen more than 5 percent this year,
underperforming the market which gained nearly 22 percent.
Ang also said the company's previously announced plan to
build an airport will probably cost $5 to 6 billion.
($1 = 41.74 Philippine pesos)
(Reporting by Erik dela Cruz; Writing by Karen Lema; Editing by