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Manila Bulletin devider Business devider PCPPI assures company in good hands under Lotte

PCPPI assures company in good hands under Lotte

Published Jun 24, 2020 12:00 am
By James A. Loyola Pepsi-Cola Products Philippines, Inc. (PCPPI) is confident that the acquisition by Lotte Chilsung Beverage Co., Ltd. of more PCPPI shares following a tender offer exercise will be beneficial for all of PCPPI’s stakeholders and positively contribute to the growth of the company. In disclosures to the Philippine Stock Exchange (PSE), Lotte Chilsung reported that a total of 1.13 billion PCPPI shares were tendered by the minority shareholders and accepted by Lotte Chilsung following the close of the tender offer period. This represents approximately 30.7 percent of PCPPI’s total issued and outstanding shares. As a result, the percentage of public ownership of PCPPI is now just about 2.1 percent. Quaker Global Investments B.V., the wholly-owned subsidiary of PepsiCo, Inc., did not participate in Lotte Chilsung’s tender offer solicitation. As a result of the percentage of public ownership falling below the minimum public ownership requirement of 10 percent, the PSE has suspended the trading of PCPPI shares, in accordance with the PSE Listing and Disclosure Rules. PCPPI has separately stated that the company will disclose in due course its plans with regard to its compliance with the minimum public ownership requirement. However, PCPPI assures the public that it will remain the exclusive manufacturer and bottler in the Philippines of PepsiCo’s beverage brands Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Sting, and Aquafina.
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