San Miguel Properties to delist from PSE May 6

Shares of San Miguel Properties Inc. (SMP) will no longer be traded on the Philippine Stock Exchange (PSE) starting May 6. The PSE approved the company's petition for voluntary delisting, after completing a buy share buyback program to meet the Securities Regulation Code requirements. ATR Kim-Eng Capital Partners Inc. was tapped as financial advisor for the tender offer. Trading in SMP shares was suspended beginning January 2 as the company failed to meet the 10 percent minimum pubic ownership. SMP was organized in 1990 as the real estate arm of diversified conglomerate San Miguel Corp. Its current portfolio includes mixed-use developments. Its core products are economy to middle-income housing. — VS, GMA News