MANILA, Philippines - The property unit of conglomerate San Miguel Corp. (SMC) is seeking to delist by May 6 in line with earlier disclosed plans to leave the roster of public companies for its failure to meet the minimum public-ownership requirements of the local bourse.

Two other companies under the San Miguel Group have yet to comply with the Philippine Stock Exchange’s (PSE) public-float requirement. San Miguel Brewery’s board already approved its delisting, while SMC President Ramon S. Ang said last year that PAL Holdings, operator of flag carrier Philippine Airlines, will also delist from the PSE.

San Miguel Properties Inc., which will be buying back its own shares, said on Monday that it will proceed with a tender offer to acquire the remaining 0.06 percent of its shares it does not own from March 6 to April 5, a regulatory filing on Monday showed. The tender offer was originally scheduled to run from February 27 to March 26.

The tender offer price has been set at P134.12 per share, well below the P700 per share price of the illiquid property developer when it was last traded on November 13 last year.

Shares of San Miguel Properties have been suspended since the start of the year as its public float was well below the minimum 10 percent required by the PSE.

With the delisting, the public can no longer buy a part of San Miguel Properties. San Miguel Properties was the surviving corporation in the merger of Monterey Farms Corp. and San Miguel Properties Philippines Inc. in January 1998.

In 2002 the company merged with another subsidiary, HOC Realty Inc., with SMPI as the surviving entity.

Among the company’s recent projects was Asian Leaf, a premier residential community in General Trias, Cavite.