Holcim Philippines Inc. said Thursday its major shareholder Holderfin B.V. will make a tender offer to all stockholders of the listed cement manufacturer with the aim of delisting the company.
Holcim said that since Holderfin’s purchase from Sumitomo Osaka Cement Co., Ltd. of 594,952,725 shares equivalent to a 9.22 percent stake, the public float component of the cement manufacturer’s equity structure has fallen to only 5.05 percent.
The Philippine Stock Exchange requires listed companies to maintain public ownership of at least 20 percent.
Holcim said that “given the prevailing market conditions”, it will not be able to sell enough shares to increase the public ownership component at the minimum level required by the PSE.
“Given this, Holderfin, one of the company’s major shareholders, confirmed that it will commence voluntary tender offer proceedings for purposes of delisting the company’s shares from the Main Board of the PSE,” Holcim said.
Financial details and other terms of the planned tender offer weren’t immediately made available.
At present, Holcim has market capitalization of P25.4 billion.
