Eagle Cement delisting OK’d

MANILA, Philippines — The Philippine Stock Exchange (PSE), operator of the local bourse, has approved Eagle Cement Corp.’s  plan to voluntarily delist its shares from the Philippine Stock Exchange on Feb. 28.

PSE president Ramon Monzon said the exchange has approved and accordingly ordered the delisting of the company’s shares from the official registry of the PSE effective “as of end of business on Feb. 28, 2023.”

The trading of the company’s shares, meanwhile, is currently under suspension due to the company’s failure to comply with the 10 percent minimum public ownership requirement.

The delisting is related to the acquisition by San Miguel Corp.’s San Miguel Equity Investments Inc. (SMEII) of Eagle Cement’s 4.4 billion common shares at P22.02 per share, constituting 88.5 percent of the total issued and outstanding shares of the company.

SMEII conducted a mandatory tender offer to acquire 574.9 million common shares held by shareholders of Eagle Cement, representing 11.5 percent of the total issued and outstanding shares of the cement firm.

The tender offer,which ran from Nov. 7 to Dec. 5, was completed last Dec. 14.

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.

Bulacan-based Eagle Cement is behind brands Eagle Cement Advance and Eagle Cement Exceed while its bulk cement is sold under the Eagle Cement Strongcem brand.