Holcim Philippines Inc. said its mother company Holderfin BV will hold another round of tender offer in compliance to an order of the Securities and Exchange Commission (SEC).
The tender will be under the same terms and conditions as the previous offer done between July 10 and August 30.
Under the order of the SEC, Holderfin has to conduct the tender offer within 20 calendar days from the receipt of the order on September 11.
Holderfin made the first tender offer after the Dutch firm bought the 9.22 percent stake of Japan’s Sumitomo Osaka Cement Co., Ltd. in the listed cement firm.
Holderfin’s acquisition of the Somitomo stake increased its interest in Holcim to 27.33 percent.
In issuing the tender offer, Holderfin noted Holcim will not be able to raise the required minimum public ownership within a reasonable period due to prevailing market conditions. – Ruelle Castro
