Republic Cement & Building Materials Inc., formerly Lafarge Republic Inc., said Tuesday it plans to delist its shares from the Philippine Stock Exchange on March 15.
Republic Cement said in a public announcement its board of directors approved and authorized the voluntary delisting of shares from the PSE in accordance with the exchange’s rules on delisting and other applicable rules and regulations.
“The company will be submitting a petition for voluntary delisting with the PSE in due course. The proposed delisting is estimated to take place on March 15, 2016,” the company said.
The company earlier expressed plans to delist its shares after its public float fell below the 10-percent minimum requirement of the exchange.
AEV-CRH Holdings Inc., a 60:40 joint venture between conglomerate Aboitiz Equity Ventures Inc. and Irish cement maker CRH International, acquired a 99.09-percent stake in Lafarge Republic in September.
AEV-CRH conducted a tender offer after it earlier acquired 88.54 percent interest in the cement firm for roughly P53.1 billion from the major shareholders of Lafarge Republic.
The PSE suspended the trading of the company’s shares on Sept. 15, after the latter’s public float fell below the 10-percent minimum public ownership requirement.
AEV earlier said that it planned to invest P24 billion to fund its cement venture.
It also signed a $400-million loan agreement with The Bank of Tokyo-Mitsubishi UFJ Ltd. to partially finance the cement venture.
AEV said its move to invest in the cement business would support the group’s thrust to develop infrastructure as one of its core businesses and create a more diversified income source for the conglomerate.
Republic Cement currently operates four cement plants in Norzagaray, Bulacan; Teresa, Rizal; and Taysan, Batangas; one grinding station in Danao, Cebu; a cement plant in Iligan City
through subsidiary Lafarge Iligan Inc.; and aggregates quarry in Angono, Rizal through subsidiary Lafarge Republic Aggregates Inc.
CRH, which has operations in 34 countries, is a manufacturer, supplier and distributor of building materials with headquarters in Dublin, Ireland.