Bilyonaryo Ramon S. Ang’s Eagle Cement Corp. is targeting to delist from the local bourse on 28 February 2023.
In a filing with the stock exchange, Eagle Cement said the cross-sale for the shares and the minority shares that were tendered in the tender offer conducted by San Miguel Equity Investments Inc. (SMEII) was completed last December 14.
The delisting comes after conglomerate San Miguel Corp. agreed to acquire 88.5 percent of Eagle Cement for P97 billion.
With the completion of the tender offer, SMEII now owns a total of 4.998 billion common shares which comprise 99.9581 percent of the total issued and outstanding shares of Eagle Cement.
As a final requirement for voluntary delisting, Eagle Cement will pay a voluntary delisting fee equivalent to the company’s annual maintenance fee for 2023 upon issuance of the corresponding statement of account by the PSE.