Pepsi-Cola Products Philippines, Inc. announced that its Korean controlling shareholder Lotte Chilsung Beverage Co. Ltd. (Lotte Chilsung) will be pursuing the voluntary delisting of the local soda bottler. In a disclosure to the Philippine Stock Exchange, PCPPI said its Board of Directors has approved the voluntary delisting of the shares of the company from the main board of the PSE. “In accordance with the Securities Regulation Code and the delisting rules of the PSE, Lotte Chilsung shall conduct a tender offer to acquire up to 77.86 million common shares held collectively by all shareholders of the Company,” PCPPI said. This excludes shares owned by non-public shareholders Lotte Chilsung, Lotte Corporation and Quaker Global Investments B.V., the wholly-owned subsidiary of PepsiCo, Inc. Last June 18, PCPPI disclosed that its public ownership level was at 2.1 percent—well below the 10 percent PSE Rule on Minimum Public Ownership after conclusion of the tender offer conducted by Lotte Chilsung to acquire shares of the PCPPI from the Company’s minority shareholders. Under the PSE Rule on Minimum Public Ownership, the company has until December 18, 2020 to comply with the 10 percent minimum public float requirement or otherwise be subject to involuntary delisting. “After due evaluation and study of the options available to the Company, the Board of Directors approved and authorized the voluntary delisting of the Company’s shares from the PSE,” PCPPI said. It noted that, “Considering the level of its public ownership and the prevailing market conditions, it will not be able to comply with the minimum public ownership requirement by December 18, 2020.” PCPPI said Lotte Chilsung is seeking the voluntary delisting of PCPPI with consent from the other non-public shareholders. Aside from the voluntary delisting, PCPPI will also petition the SEC in accordance with applicable rules for the voluntary revocation of the registration of its securities and permit to sell securities. PCPPI remains the exclusive bottler in the Philippines of PepsiCo’s beverage brands Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Sting, and Aquafina.