Holcim has satisfied all conditions set by PSE for delisting

MANILA, Philippines — Listed cement firm Holcim Philippines Inc. said it has already satisfied all the conditions set by the Philippine Stock Exchange (PSE) to delist its common shares.

The board of directors and stockholders of Holcim have already approved the voluntary delisting of the company on June 29 and Sept. 22, respectively.

Last June, Holcim said it would voluntarily delist from the PSE after major shareholder Holderfin B.V. acquired Holcim shares from Sumitomo Osaka Cement.

Holderfin purchased from Sumitomo some 594.9 million common shares of Holcim, representing 9.22 percent of the company’s issued and outstanding capital stock.

“Thereafter, the minimum public float of Holcim fell to 5.05 percent. Given this, Holderfin, one of the company’s major shareholders, confirmed that it would commence voluntary tender offer proceedings for purposes of delisting the company’s shares from the PSE,” Holcim said in its regulatory filing yesterday.

The 5.05 percent is below the required 10 percent minimum percentage for listed firms.

Following the close of the tender offer period, 233.8 million common shares, representing approximately 3.62 percent of Holcim’s issued and outstanding common shares, were tendered pursuant to the tender offer and were purchased by Holderfin.