Holcim Philippines Inc. said shareholder Holderfin B.V. is issuing a tender offer for publicly-owned shares in preparation for an eventual delisting.
This follows after the Dutch firm bought the 9.22 percent stake of Japan’s Sumitomo Osaka Cement Co. Ltd. in the listed cement firm, crossed in the Philippine Stock Exchange (PSE) Thursday.
Holderfin’s acquisition of the Sumitomo stake increased its interest in Holcim to 27.33 percent.
Holcim said with the purchase of the Sumitomo interest, its public float dropped to 5.05 percent.
“The company will not be able to raise the required MPO (minimum public ownership) within a reasonable period due to prevailing market conditions. Given this, Holderfin, one of the company’s major shareholders, confirmed that it will commence voluntary tender offer proceedings for purposes of delisting the company’s shares,” Holcim said.
Juan Paolo Colet, China Bank Capital managing director, said Holderfin acquired Sumitomo’s stake for P2.33 billion, at about P3.92 per share. This may value the planned tender offer at almost P1.28 billion.
If the delisting pushes through, it will end Holcim’s more than two decades of being a publicly-listed company or since June 17, 1996.
It will also be a twist on Holcim’s fate which in 2019 was eyed by San Miguel Corp. after the company opted to wind down some its operation in the Philippines. It sold ,the Philippine assets and operations of Lafarge Cement that was infused into the local operation after the two cement firms’ mother companies merged in 2015.
