PSE delists San Miguel Properties

MANILA, Philippines - San Miguel Properties Inc. (SMPI) will no longer be traded on the Philippine Stock Exchange effective May 6, following the local bourse’s approval of the firm’s petition for voluntary delisting.

The delisting, however, will be subject to the payment of the required voluntary delisting fee, the PSE said.

The approval followed the completion of the firm’s buyback program to comply with the Securities Regulation Code’s tender offer requirement.

ATR Kim-Eng Capital Partners Inc. acted as financial advisor for the tender offer.

Trading in shares of SMPI was suspended beginning Jan. 2 this year due to the company’s failure to comply with the 10 percent minimum public ownership requirement.

SMPI was organized in 1990 as the real estate arm of diversified conglomerate San Miguel Corp. Its current portfolio of projects includes mixed-use developments with economic to middle-income housing as its core products.

Among its projects include Bel Aldea, Maravilla, and Muralla in Cavite and Wedgewoods in Sta. Rosa, Laguna.  In the works is San Francisco Laketown, a development that will recreate the beauty of San Francisco in California, right in the heart of Cavite.

To capitalize on the vast opportunities in tourism, SMPI has launched its first real estate tourism effort, the Monte Maria project. Situated in the town of Amuyong in Alfonso, Cavite, this venture is envisioned to serve as the country’s hub for “spiritual tourism.”