Cement firm Seacem earns P2.868B profit in 2012

Listed Southeast Asia Cement Holdings (Seacem) earned a profit of P2.868 billion in 2012, the company reported Tuesday. In a filing with the Philippine Stock Exchange, Seacem also said it received board approval to issue up to 600 million shares of stock from its unissued capital stock to not more than 18 qualified public shareholders. The firm's management is also authorized to set the terms and conditions for the issuance of the shares and their transfer to these shareholders. In October, the cement manufacturing holding firm disclosed that it would be holding a tender offer to buy back most of its shares to acquire a mix of shares of Lafarge Republic Inc. and cash. Seacem previously sold a 2.3-percent stake in Lafarge for P1.14 billion to institutional investors. — BM, GMA News