Republic Cement to delist from PSE in March

Republic Cement & Building Materials Inc. (RCBM) is going for a voluntarily delisting of shares from the Philippine Stock Exchange (PSE), starting next March, for missing the 10-percent minimum public ownership requirement.

"As of September 15, 2015, the company's publicly-owned common shares comprise approximately 0.91 percent of its outstanding capital stock," the company said in a disclosure to the local bourse on Friday.

Under PSE rules, a company that does not meet the 10-percent public ownership requirement may apply for voluntary delisting.

The consortium of Aboitiz Equity Ventures Inc. (AEV) and Irish building materials firm CRH Plc. or AEV CRH Holdings Inc. acquired in September a total of 596,494,186 shares from the minority stock holders of Republic Cement.

With the acquisition, AEV CRH became the owner of 99.09 percent of the outstanding common shares of RCBM, the republic Cement noted.

According to Republic Cement, shareholders were notified earlier this week about the plan to delist from the PSE.

"In view of the foregoing, we respectfully request that the shares of RCBM be delisted from the PSE effective March 15, 2016," the company said.

RCBM, formerly Lafarge Republic Inc., makes, develops, and sells cement and building materials. – Jon Viktor Cabuenas/VS, GMA News