The Securities and Exchange Commission, or SEC, has directed a second tender offer of the remaining minority shares of Holcim Philippines, whose shares remain suspended after breaching the minimum public ownership of 10 percent in a recent transaction with dominant investor Holderfin BV of Amsterdam.

SEC said the float should be held within 20 days from the receipt of its directive, or by 28 September. It also ordered a 30-day offer period "without prejudice to the consummation and payment for the tender offer concluded during the first tranche of the offer."

Holcim said in a bourse report that it was informed Holderfin intends to conduct the second tranche on the same terms and conditions as the tender offer which opened on 10 July and ended on 30 August.

Respect 10% float rule

The Philippine Stock Exchange Inc. wanted the process to maintain the 10 percent float rule for the lifting of the share's suspension.

PSE earlier accused Holcim of "finger-pointing" on the different tax treatment of shares under its tender offer for all shares owned by the public.

Holcim informed shareholders on Friday that the facilitation of tendered shares under its offer running between 10 July and 30 August, "will have to be effected outside the facilities of the PSE."

Holcim in a regulatory filing outlined the PSE's justification that included the Bureau of Internal Revenue's rule that provides the tax treatment of sales or other disposition of shares of stocks of a publicly-listed company that is non-compliant with the minimum public ownership requirement shall be subject to capital gains tax and documentary stamp tax.

The shares also can only be recorded in the books of the company after Holcim has secured necessary certificates like the certificate authorizing registration and tax clearance certificate.