Cosmos Bottling to delist from PSE

Soda maker Cosmos Bottling Corp. is set to delist its shares on the local bourse after being under five years of trading suspension and failing to meet the minimum free float requirement. In a disclosure Thursday, its board of directors approved and authorized the voluntary delisting of the shares of the company from the Philippine Stock Exchange. Controlling shareholder Philippine Bottlers Inc. (PBI) will acquire all common shares held by minority stockholders totaling 16.53 million shares at P1.758 apiece. The tender offer will commence on April 17 until May 16. Cosmos Bottling appointed Navarro Amper & Co. as independent financial advisor. The PSE has suspended trading of Cosmos shares since 2008 for violating the Securities Regulation Code by not filing its annual and quarterly financial reports. Having a free float level of only 1.79 percent, Cosmos Bottling also failed to meet the 10-percent minimum public float. The company was incorporated on August 22, 1945 as the Manila Aerated Water Factory, which was engaged in producing, marketing and distribution of softdrinks. Its products include Pop Cola, Sarsi, Cheers Lemon and Orange, Jaz Cola and Sparkle. — VS, GMA News