MANILA, March 5 San Miguel Corp's
property unit said it will delist after failing to meet minimum
float requirements and will buy back some $1.4 million worth of
shares ahead of the delisting.
San Miguel Properties Inc aims to buy back 77,980
common shares during a tender offer from March 6 to April 5, it
said in a statement to the stock exchange.
The unit last traded on Nov. 13, closing at 700 pesos. At
that price, the tender offer would be worth about 55 million
Philippine pesos ($1.4 million).
Three San Miguel units failed to meet a 10 percent minimum
public float rule at the end of 2012. Only San Miguel Pure Foods
has decided to remain listed.
($1 = 40.7750 Philippine pesos)
(Reporting by Rosemarie Francisco; Editing by Edwina Gibbs)