The Philippine Stock Exchange (PSE) has lifted the suspension order on the trading of Union Cement Corp. after the company disclosed its new ownership structure. The exchange immediately lifted the ban after Union Cement said the ownership structure was unchanged despite Bacnotan Consolidated Industries, Inc.’s sale of its 51 per cent stake in Union Cement Holdings Corp. to Cemco Holdings, Inc.
Union Cement Holdings still holds a 60.47 per cent stake in Union Cement, while Cemco directly owns 17.02 per cent. Japan’s Sumitomo Osaka Cement Co. Ltd. owns a 9.22 per cent stake in Union Cement, non-Filipino minority shareholders have a combined 4.22% interest, while Filipino minority shareholders own a combined 2.77 per cent.
