San Miguel properties to file for voluntary delisting

San Miguel Properties Inc. (SMP), the property unit of conglomerate San Miguel Corp., is set to file a petition for voluntary delisting with the Philippine Stock Exchange (PSE).   SMP, in a disclosure to the PSE, said it would conduct a tender offer for the shares held by minority shareholders. It said the offer period will run from February 27 to March 26, subject to regulatory approvals.   The company, which is involved in the development and sale of low-end and medium-end residential housing projects, has tapped ATR Kim-Eng Capital Partners Inc. as financial advisor.   Trading in shares of SMP was suspended beginning January 2 this year due to the company’s failure to comply with the 10 percent minimum public ownership requirement.   The PSE has given errant firms until end-December last year to boost their public float. Failure to do so would result in a six-month trading suspension that started on the first trading day of 2013. The PSE said it will automatically delist the shares of these firms if they remain compliant after June 30.   Aside from the development and sale of low-end and medium-end residential housing projects, SMP is also involved in the lease of commercial office spaces, industrial spaces and warehouses. The company sells its properties through in-house sales group as well as through its network of real estate brokers. — KBK, GMA News