Holderfin B.V. has successfully acquired a 3.62 percent stake in the outstanding common shares of Holcim Philippines during the first tranche of its tender offer.
According to a regulatory filing, a total of 233.81 million common shares were tendered at P5.33 per share for a total consideration of P1.25 billion, following the close of the tender offer period.
Holcim said an initial payment of 75 percent of the purchase price was paid, while the balance amount of 25 percent are held in escrow by the paying agent and will be paid within five calendar days from delivery to the bidder of the original and valid CAR from the relevant revenue district office of the Bureau of Internal Revenue authorizing the transfer of the tendered shares.
Holderfin B.V. has been ordered by the Securities and Exchange Commission to undertake a second round of the tender offer on the remaining shares held by minority shareholders of Holcim with an offer period of 30 days on or before September 28.
The tender offer follows Holderfin’s acquisition of shares in Holcim Philippines from Sumitomo Osaka Cement Co. Ltd., which resulted in the listed company’s public float falling below the minimum public ownership requirement.
Holcim earlier requested for the trading suspension imposed on its listed common shares be lifted, but this was thumbed down by the Philippine Stock Exchange.