SEC OKs Eagle Cement IPO

MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved the P9.2 billion initial public offering of Eagle Cement Corp. (ECC), the cement company of the Ang family.

ECC will sell up to 575 million shares at a maximum price of P16 per share, according to its registration statement.

Net proceeds amounting to P7.4 billion will be used to partially fund a P12.5-billion cement plant in Cebu which the company is planning to complete by the first quarter of 2020.

The company expects to set the final price on April 27 while listing date is on May 17. The offer period will commence on May 3 and end on May 10, according to the revised timetable.

It tapped SB Capital Investment Corp., China Bank Capital Corp. and PNB Capital & Investment Corp. as joint issue managers and lead underwriters.

ECC is a 100-percent Filipino owned company born from the vision and passion of businessman Ramon Ang, its chairman.  It is not affiliated with San Miguel Corp., the diversified conglomerated where Ang is president and chief operating officer.

Its brands are Eagle Cement Advance and Eagle Cement Strongcem while its plant facility, which was established in 2008, is in San Ildefonso, Bulacan. It started its commercial operations in 2010, with main office in Mandaluyong City.

Meanwhile, the SEC also approved the IPO of Cebu Landmasters Inc., a Cebu-based property developer.

The offer period will run from May 8 to 12 while the listing of the shares has been tentatively scheduled on May 19.

Cebu Landmasters is offering up to 430 million primary common shares and 75 million secondary common shares at a maximum price of P6.56 per share. It has an over allotment option of an additional 75 million common shares, comprising 33.84 percent of CLIs issued and outstanding common shares.