PSE approves Cosmos Bottling's delisting

Soda-maker Cosmos Bottling Corp. will be delisted on the Philippine Stock Exchange starting June 21 for non-compliance with the minimum public float.

In a memorandum, the PSE board granted the petition for voluntary delisting filed by the company in a meeting held June 3. The company filed the petition on April 19.

The board also ordered the delisting of shares of the company from the official registry of the Exchange effective June 21.

On April 4, the board of Cosmos Bottling approved and authorized the voluntary delisting of the shares of the company from the PSE.

Controlling shareholder Philippine Bottlers Inc. (PBI) will acquire all common shares held by minority stockholders totaling 16.53 million shares at P1.758 apiece.

Navarro Amper & Co. was appointed as the independent advisor for the tender offer, which commenced on April 17 and lasted until May 16.

Shares of Cosmos were suspended by the PSE since 2008 for violating the Securities Regulation Code by not filing its annual and quarterly financial reports.

Having a free float level of only 1.79 percent, Cosmos Bottling also failed to meet the 10-percent minimum public float.

The company was incorporated on August 22, 1945, as the Manila Aerated Water Factory, which was engaged in producing, marketing and distribution of softdrinks.

Cosmos bottling is the maker of Pop Cola, Sarsi, Cheers Lemon and Orange, Jaz Cola and Sparkle. — KBK, GMA News