Eagle Cement moves listing date
Eagle Cement Corp has moved the listing of its shares on the Philippine Stock Exchange (PSE) from 17 May 2017 to 29 May 2017 as it awaits all the necessary regulatory approvals.
The cement producer is embarking on an initial public offering (IPO) to raise PHP9.2bn (US$183.6m) from an offer of up to 575m shares at a maximum price of PHP16/share.
The company’s IPO has already obtained the green light from the Securities and Exchange Commission and is just waiting for the approval of the PSE, according to the report in the Philippine Star.
Net proceeds from the offering, amounting to PHP7.4bn, will be used to partially fund a PHP12.5bn cement plant in Cebu which the company is planning to complete by the 1Q20.
