Philippines: Fortune Cement Corp. will seek stockholders’ approval for a planned merger with Continental Operating Corp. during the annual meeting on July 25. In a letter to the stock exchange, Fortune Cement said the application for Securities and Exchange Commission (SEC) and other approvals will be filed soon after the stockholders’ approval is obtained next month.
"Subject to the approval of the SEC, Continental shall be deemed merged into Fortune pursuant to the Corporation Code of the Philippines as of April 30, 2005 in accordance with the terms and conditions of the proposed plan of merger. Notices, approvals and other post merger requirements will be complied with after the SEC approval is obtained," the listed firm said.
