Cement maker Holcim Philippines Inc. said it is ready to delist from the Philippine Stock Exchange (PSE) after it has complied with all the rules and conducted a tender offer to siphon off the remaining shares of minority holders.
The company said it will be delisted on November 27.
“The company believes that it has satisfied all the conditions in PSE Memorandum CN No. 2020- 0104, the amended Voluntary Delisting Rules, to delist its common shares from the main board of the PSE,” it said.
On June 29 Holderfin, B.V., one of the company’s major shareholders, has purchased from Sumitomo Osaka Cement Co., Ltd. 594.95 million common shares of Holcim 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.
From July 10 to August 30, the first tranche of the voluntary tender offer was conducted by Holderfin. It siphoned off some 233.81 million common shares, representing approximately 3.62 percent of the company’s issued and outstanding common shares.
As of September 6, the total ownership of Holderfin along with two of its affiliates, Union Cement Holdings Corp. and Cemco Holdings Inc., has reached about 98.58 percent of the company’s issued and outstanding common shares.
Holcim said its net income grew 26 percent to P835.11 million in the first half from the previous year’s P661.46 billion, mainly on higher sales in the second quarter.
Net sales in January to June rose by 6 percent to P12.89 billion from the previous year’s P12.17 billion.
The company’s net sales grew by 15 percent to P6.25 billion in the second quarter from the previous year’s P5.43 billion due to higher volumes sold across all business segments.
Net income in April to June almost doubled to P478.88 million from P240.85 million, mainly on solid growth across business segments, the company said.
“Our focus on sustainability and innovation is continuing to pay off with more efficient operations and higher value offerings that are raising business performance,” Horia Adrian, president and CEO of Holcim, said.
“We are determined to further accelerate programs for decarbonization, circularity and digitalization to deliver better results and contribute to building progress in the country.”
Image credits: www.holcim.ph