MANILA, March 5 (Reuters) - 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