Eagle Cement of the family of ultra bilyonaryo Ramon S. Ang has secured the nod of its stockholders to delist from the local bourse.
In a regulatory filing, Eagle Cement said it received the written assent of stockholders comprising approximately 92.27 percent of the company’s total outstanding and listed shares for its voluntary exit from the Philippine Stock Exchange.
No stockholder has voted against Eagle Cement’s proposal to delist.
The planned delisting comes after conglomerate San Miguel Corp. agreed to acquire 88.5 percent of Eagle Cement for P97 billion.
Eagle Cement, which operates a plant in Bulacan, is expected to be consolidated into SMC’s cement operations – Northern Cement in Luzon and Southern Concrete Industries in Davao del Sur.