The Philippine Stock Exchange has approved Holcim Philippines Inc.’s request voluntary delisting, scrapping the cement firm’s name from its list by November 27.
The minimum public ownership in the cement firm fell below the 10 percent threshold listed companies after Dutch mother firm Holderfin BV obtained a combined 98.58 percent of the cement firm along with two of its affiliates – Union Cement Holdings Corp. (UCHC) and Cemco Holdings Inc.
The consolidation of Holcim ownership follows two tender offer to minority shareholders within the year and Holderfin’s purchase of the 9.22 percent stake Japan’s Sumitomo Osaka Cement Co., Ltd. in June.
The purchase of the Somitomo’s interest reduced Holcim’s public float to 5.05 percent.
The delisting caps Holcim’s 27 years of being a listed company, first listing on June 17, 1996.
