Holcim Philippines Inc. said Tuesday it is looking to delist from the Philippine Stock Exchange on Nov. 27.
The cement manufacturer believes it has already complied with all the conditions for the voluntary delisting after two tender offers that reducing public ownership of Holcim down to 1.42 percent. Listed companies must maintain a public float of at least 10 percent.
Holderfin BV, the Netherland-based shareholder of Holcim, had earlier purchased 9.22 percent stake of Sumitomo Osaka Cement Ltd., reducing the public float of the listed cement market to 5.05 percent.
From July 10 to August 30, Holderfin conducted a tender offer that further reduced the public ownership to 1.42 percent.
Holderfin along with two of its affiliates, Union Cement Holdings Corp. and Cemco Holdings, Inc. together hold a combined 6.36 billion common shares, representing approximately 98.58 percent of the company’s issued and outstanding common shares.
Given the reduced public ownership and the prior board approval of the voluntary delisting, Holcim believes there is no longer any hurdle to its leaving the Philippine Stock Exchange.
