Trading in SEACem shares to resume Thursday — PSE

Southeast Asia Cement Holdings Inc. was able to meet the 10 percent minimum public ownership of the Philippine Stock Exchange, paving the way for the resumption of trading its shares on Thursday, the exchange announced Tuesday.

 

“Given the foregoing, please be advised that the suspension on the trading of the company’s shares will be lifted on June 13, 2013 at 9:00 am,” PSE noted in a memorandum.

 

SEACem had asked the PSE to lift a trading suspension on its shares, saying it had sold 554 million shares to two individual subscribers—a transaction increase in the company’s public float 10.13 percent from 2.41 percent. SEACem shares were last traded on Dec. 28, 2012, closing at P2.40 per share.

 

After selling all its interests in Lafarge Republic and Seacem Silos, SEACem has become a shell company—the subject to the backdoor listing of mass housing developer 8990 Group which has acquired an 89.9-percent stake the company for P2.5 billion.

 

On Tuesday, SEACem shareholders Calumboyan Holdings Inc., Lafarge Holdings Philippines and Seacem Silos Inc. agreed to sell their combined 6.294 billion shares or 89.9 percent to the stockholders of 8990 Housing Development Corp.

 

The share sale would be fulfilled once certain closing conditions were met, including the lifting of the trading suspension on the PSE, SEACem noted, saying this would likely be on June 30, 2013.

 

“The buyers have stated their intent to undertake a mandatory tender offer for the remaining shares of the company,” SEACem added.

 

The 22-year-old, Davao City-based mass housing developer 8990 Housing has built 51 subdivisions and over 41,000 units, mostly in the Visayas and Mindanao with most units priced between P400,000 and P1.5 million.

 

8990 Housing recently acquired properties in Davao, Metro Manila, Pampanga and Cebu for future expansion. — VS, GMA News