Holcim sets Nov. bourse delisting
Following the close of the tender offer period, 234 million common shares, representing approximately 3.62 percent of the company’s issued and outstanding common shares, were tendered pursuant to the offer and were purchased by the bidder on the execution date
An overwhelming majority of shareholders of the cement manufacturer Holcim Philippines voted for the delisting of the company's shares from the stock market.
The company told the bourse that it exceeded the required two-thirds vote among shareholders for the proposed voluntary delisting, with less than 10 percent voting against the move.
Holcim Philippines now plans an exit from the bourse on 27 November.
Last 29 June, the Dutch firm Holderfin B.V. purchased from Sumitomo Osaka Cement Co. Ltd, 595 million shares of Holcim Philippines representing 9.22 percent of the company's issued and outstanding capital stock.
Thereafter, the minimum public float of the company fell to 5.05 percent. Given this, Holderfin, one of the company's major shareholders, started a voluntary tender offer proceedings for purposes of delisting the company's shares.
First tranche completed
On 10 July 2023 to 30 August 2023, the first tranche of the voluntary tender offer was conducted by Holderfin.
Following the close of the tender offer period, 234 million common shares, representing approximately 3.62 percent of the company's issued and outstanding common shares, were tendered pursuant to the offer and were purchased by the bidder on the execution date.
As of 6 September 2023, the total ownership of Holderfin along with two of its affiliates, Union Cement Holdings Corp. and Cemco Holdings Inc. has reached 6.36 billion common shares, representing approximately 98.58 percent of the company's issued and outstanding common shares.
The board and stockholders approved the voluntary delisting of the company from the main board of the PSE on 29 June 2023 and 22 September 2023, respectively.
The company, thus, said it believes that it has satisfied all the conditions in the amended Voluntary Delisting Rules.
Based on the company's public ownership report as of 29 June 2023, only 325.6 million shares, equivalent to 5.05 percent of the company's issued and outstanding Common Shares, are held by the public following the completion of the Sumitomo Block Sale, which caused the company to fall below the minimum public float of 10 percent required by the PSE. Consequently, the PSE imposed a trading suspension of the common shares on 29 June 2023.
The company has informed the bidder that, due to prevailing market and other conditions, it will be unable to increase the required float within a reasonable period.
Without a tender offer, the company will be forced to stop trading and delisting procedures under the PSE's rules.