Cement manufacturer Cemex Holdings Philippines Inc. said Wednesday its majority shareholder Cemex Asian South East Corp. will launch a P2.1-billion tender offer as part of its portfolio rebalancing strategy.
CHP said in a stock exchange filing CASEC planned to acquire 1.614 billion common shares in the company held by minority investors at P1.30 apiece. The shares represent 12 percent of the company’s total outstanding capital stock.
Assuming it successfully acquired the entire 1.614 billion shares, CHP said its public float would remain slightly above the 10-percent minimum public float required for listed firms.
CHP said the purpose of the tender offer is not to delist its shares from the local bourse but to enable its majority shareholder to increase and consolidate its stake in the company.
Post the tender offer, CHP said CASEC aimed to continue taking steps to optimize and rebalance the group’s asset portfolio in the region where CHP operates, which may include an evaluation of strategic investments or divestments. Jenniffer B. Austria