MANILA, Philippines — Eagle Cement Corp., the listed cement company of the Ang family, has obtained the green light from its shareholders to delist from the Philippine Stock Exchange (PSE).
In a disclosure yesterday, Eagle Cement said that as of yesterday, no stockholder has voted against the proposal to voluntarily delist.
“Therefore, as stated in the Definitive Information Statement distributed in relation to such request for stockholders’ approval via written assent, the voluntary delisting of the corporation from the PSE has been approved by the stockholders as of the date hereof,” Eagle Cement said.
The stockholders represent a total of 4.6 billion shares, comprising approximately 92.27 percent of the total outstanding and listed shares of Eagle Cement.
The delisting is related to San Miguel Corp.’s acquisition of 88.5 percent of the listed cement manufacturer for P96.8 billion.
The planned acquisition has triggered a mandatory tender offer as Eagle’s public float fall below the minimum requirement.
SMC tapped FTI Consulting Philippines to provide the valuation report.
Eagle Cement is the listed cement company owned by the Ang family while SMC is the diversified conglomerate headed by tycoon Ramon Ang as president and CEO.
Related to the acquisition, SMC has commenced the tender offer for 11.5 percent of common shares in Eagle Cement held by minority shareholders.
The transaction was evaluated and endorsed to the board of directors of SMC by its related party transactions committee in accordance with its charter, a source also said.
Eagle Cement raked in P13.7 billion in revenue in the first half of the year, higher than the P11 billion registered a year ago.
Net income amounted to P3 billion compared to P3.7 billion a year ago.
Eagle Cement is based in Bulacan. Its brand of cement are Eagle Cement Advance and Eagle Cement Exceed while its bulk cement is sold under the Eagle Cement Strongcem brand.
The acquisition of Eagle Cement is aimed at strengthening SMC’s presence in the cement business.
SMC is hoping to close the transaction by the end of the year or the first quarter of 2023, depending on the regulatory approvals.