Fortune Cement Corp. yesterday said it had completed a merger with wholly owned unit Premier Cement Corp. The merger paved the way for the consolidation of the accounts of Premier with Fortune.
Based on the merger plan approved by stockholders last February, all the assets and liabilities of Premier will be transferred to and absorbed by Fortune, being the surviving company.
In a statement, Fortune said the merger will simplify the legal structure and promote cost efficiencies as well as streamline audit and reportorial requirements.
