Holcim Philippines Inc. said Monday it deferred to September 22 a special stockholders meeting set for next month to vote on the voluntary delisting of the cement company from the Philippine Stock Exchange.
Holcim said it needs to delay the Aug. 23 meeting to make way for the tender offer it made to minority shareholders following the Holcim Group’s purchase of Sumitomo Osaka Cement Co. Ltd.’s shares in the listed cement company.
As a result of the acquisition, Holcim’s public float fell below the minimum public ownership requirement.
“Consistent with the Holcim Group’s commitment to the highest standards of good governance, the Holcim Group is initiating a voluntary tender offer to all of HPI’s stockholders of record for the purpose of conducting a voluntary delisting of HPI from the Main Board of the Philippine Stock Exchange Inc.,” it said.
Holcim has made a tender offer for up to 325.6 million shares of the company for P5.33 each, a premium to the stock’s 52-week high of P5.15. The tender offer started July 10 and will end on Aug. 30.
