Eagle Cement is selling its prime properties to its majority shareholder, Far East Holdings, prior to San Miguel Corp.’s takeover of the cement firm.
The EAGLE board approved on November 11 the sale of its P1.264 billion worth of properties along EDSA and in Wack-Wack Village held under its 100 percent owned subsidiary, KB Space Holdings, to Far East.
EAGLE said KB Space would cease to be its subsidiary after the disposition.
SMC is buying out the 88.5 percent stake of Far East Holdings and the Ang family for P97 billion or P22.02 per share.
SMC is spending another P12.7 billion to buy out the remaining 11.5 percent shares held by the public.
Eagle Cement’s P1.3B EDSA, Wack-Wack properties are excluded from San Miguel takeover