HOLCIM PHILIPPINES, Inc. has set Nov. 27 as its target date for delisting from the stock exchange, claiming it has satisfied the required conditions.
In a letter addressed to the stock exchange dated Sept. 25 and disclosed on Tuesday, Holcim Philippines said that its stockholders approved on Sept. 22 the cement manufacturer’s plan to voluntarily delist.
“The company believes that it has satisfied all the conditions in Philippine Stock Exchange (PSE) Memorandum CN No. 2020-0104, the amended voluntary delisting rules, to delist its common shares from the main board of the PSE,” Holcim Philippines said.
“The delisting rules provide that a petition for delisting must be filed with the PSE together with the tender offer report at least 60 days prior to effective date of delisting. The target date of the delisting is Nov. 27, which is more than 60 days from the date of this petition,” the company added.
The board of directors of Holcim Philippines approved the voluntary delisting on June 29.
In a separate disclosure, the company said the second tranche of its tender offer is set from Sept. 30 to Oct. 30.
The tender offer price for the second tranche is P5.33 per share, which is the same as the first tranche.
The PSE suspended the trading of Holcim shares when Holderfin B.V. bought 594.95 million common shares or 9.22% of the company’s outstanding capital stock from Sumitomo Osaka Cement Co., Ltd.
As a result, Holcim Philippines’ public float fell to 5.05%, or below the minimum requirement for listed firms. Holderfin conducted a tender offer for 325.58 million of Holcim’s issued and outstanding common shares at P5.33 apiece.
In the first half, Holcim Philippines recorded a 26.3% jump in its attributable net income to P834.72 million from P661.05 million a year ago.
Based on its website, Holcim Philippines has cement manufacturing facilities in La Union, Bulacan, Misamis Oriental, and Davao, as well as aggregates and dry mix business and technical support facilities for building solutions. — Revin Mikhael D. Ochave