By Victor B. Saulon, Sub-editor
A UNIT of Aboitiz Equity Ventures, Inc. (AEV) is acquiring 11.15% of Republic Cement & Building Materials, Inc. (RCBM) at a price of 0.2178 euros per share, the adjusted price after the companies closed the deal.
AEV told the stock exchange its subsidiary AEV CRH Holdings, Inc. will be acquiring the issued and outstanding RCBM shares held by the public through a tender offer, or an open invitation by the buyer to all shareholders.
It said that the final payment in Philippine pesos is expected to be made by Sept. 30, 2017. The diversified holding firm did not immediately respond when asked about the total shares involved in the deal and the transaction’s amount in euros and pesos.
But in August 2015 it said its subsidiary AEV CRH had been initially granted the option to acquire 5,174,720,568 common shares of Lafarge Republic, Inc., the former name of RCBM. The shares represented 88.85% of the company’s outstanding capital stock.
AEV CRH is a joint venture company between AEV and Cement Roadstone Holdings, Inc., a domestic corporation and wholly owned subsidiary of CRH Philippines Holdings BV, a Dutch company and an affiliate of CRH International.
On August 12, 2015, AEV previously disclosed that AEV CRH had filed an amended tender offer to acquire the 11.15% of RCBM. Based on the terms and conditions of the offer, the estimate price is subject to post-closing adjustments.
On Friday, shares in AEV slipped 0.80 centavos or 1.06% to close at P74.80 each.
AEV’s businesses, under its subsidiaries and affiliates, are grouped into six main categories: power distribution, generation and retail electricity supply; financial services; food manufacturing; real estate; infrastructure; and portfolio investments.
