Eagle Cement moves stock listing date

MANILA, Philippines - Eagle Cement Corp. (ECC), the cement company of the Ang family, has moved the listing of its shares to May 29 from May 17 this year.

ECC is embarking on an initial public offering (IPO) to raise P9.2 billion from an offer of up to 575 million shares at a maximum price of P16 per share.

 The company adjusted the timetable as it is still securing all the necessary regulatory approvals.

Based on the revised timetable, the price setting date will be on May 11 from an earlier target of April 27, 2017 while the offering will run from May 15 to May 22, 2017.

The company’s IPO has already obtained the green light from the Securities and Exchange Commission and is just waiting for the approval of the Philippine Stock Exchange (PSE).

Net proceeds from the offering, amounting to P7.4 billion, will be used to partially fund a P12.5 billion cement plant in Cebu which the company is planning to complete by the first quarter of 2020.

It tapped SB Capital Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. as joint issue managers, lead underwriters and book runners.

 ECC is a 100 percent Filipino owned company born from the vision and passion of its chairman, Ramon Ang. However, it is not affiliated with San Miguel Corp., in which Ang is president and COO.

Its brands are Eagle Cement Advance and Eagle CementStrongcem.  Its plant facility was established in  in San Ildefonso, Bulacan in 2008.