EAGLE Cement Corp. said on Wednesday that it had filed a petition for the voluntary delisting of its shares from the main board of the Philippine Stock Exchange (PSE).
According to its disclosure, the company’s proposed date of delisting is on Feb. 28 next year.
The delisting follows the completion of the transaction and the cross-sale of the minority shares that were sold to a San Miguel Corp. unit during a tender offer.
San Miguel Equity Investments, Inc. (SMEII) now holds a total of 4.998 billion common shares in Eagle Cement which comprise 99.96% of the latter’s total shares.
The cross-sale for the shares and the minority shares that were tendered was completed on Dec. 14.
In October, SMEII, Far East Holdings, Inc., Ramon S. Ang, John Paul L. Ang, and Monica L. Ang-Mercado entered into a share purchase agreement. The agreement covered the purchase and sale of a total of 4.43 billion common shares in Eagle Cement at P22.02 apiece.
The sale shares constituted approximately 88.5% of the total issued and outstanding shares of the cement firm.
The acquisition will consolidate the two companies led by Ramon S. Ang and will increase SMEII’s total cement production capacity by 8.6 million metric tons per annum.
On the stock exchange on Wednesday, shares in SMC added P1.40 or 1.51% to 94.40 each, while shares in Eagle Cement closed unchanged at P17 apiece. — Justine Irish D. Tabile
