Eagle Cement to delist in February

MANILA, Philippines — Eagle Cement Corp., the listed cement company owned by the Ang family, is targeting to delist its shares from the Philippine Stock Exchange on Feb. 28, 2023.

This follows the acquisition by  San Miguel Equity Investments Inc. (SMEII) of Eagle Cement’s 4.4 billion common shares at P22.02 per share, representing 88.5 percent of the total issued and outstanding shares of the company.

In compliance with the Securities Regulation Code, SMEII conducted a mandatory tender offer to acquire 574.9 million common shares held by shareholders of the company, representing 11.5 percent of the total issued and outstanding shares of the company.   The tender offer commenced last Nov. 7 up to Dec. 5 and was completed last Dec. 14.

The mandatory tender offer has brought Eagle’s minimum public float below the minimum requirement of 10 percent.

As a result, SMEII now owns 4.5 billion common shares of Eagle Cement which comprise 99.9 percent of the cement company.

As part of the delisting process, Eagle Cement has submitted to the Philippine Stock Exchange documents showing that the company has already obtained the approval of its board of directors and its shareholders  to voluntary delist from the PSE.

Tycoon Ramon Ang is president and CEO of SMC and at the same time, chairman, president and CEO of Far East Holdings, a selling shareholder of Eagle Cement. He is also the chairman of Eagle Cement.

His son John Paul Ang, meanwhile, is a member of the board of SMC and is the president and CEO of Eagle Cement.

Eagle Cement is based in Bulacan. Its brands are  Eagle Cement Advance and Eagle Cement Exceed while its bulk cement is sold under the Eagle Cement Strongcem brand.

It raked in P13.7 billion in revenue in the first half of 2022, higher than the P11 billion recorded a year ago.

Net income amounted to P3 billion compared to P3.7 billion a year ago.