Cement firm Holcim Philippines, Inc. said Thursday it plans to delist from the Philippine Stock Exchange after a major shareholder increased stake in the company, causing its public ownership to fall below 10 percent.
HPI, in a disclosure to the stock exchange, said its received a notice from Holderfin B.V. that it acquired 594.9 million shares in the company owned by Sumitomo Osaka Cement Co., Ltd.
This is equivalent to 9.22 percent stake in HPI.
Post-Acquisition, Holderfin’s total shareholdings in the HPI increased to 27.33 percent from 18.11 percent of the company’s outstanding capital stock.
This reduced HPI’s public float to 5.05 percent from 14.27 percent.
HPI said Holderfin will be unable to issue additional shares to the public sufficient to raise its public float to the required level,
“Holderfin is prepared to make a tender offer for all outstanding common shares of the company held by the public with the aim of subsequently conducting a voluntary delisting of the company’s common shares from the Main Board of the PSE,” HPI said.
Holcim to delist from PSE after public ownership falls below 10 percent
