CEMEX Asian South East Corp (CASEC) is increasing its stake in CEMEX Holdings Philippines Inc (CHP) from 77.89 per cent to 89.86 per cent by acquiring an additional 11.97 per cent through a PHP2.1bn (US$38.5m) tender offer, reports Manila Bulletin.
In a disclosure to the Philippine Stock Exchange (PSE), CEMEX said the tender offer will reduce its public float from the current 22.11 per cent to 10.14 per cent, However, it noted that the tender offer is not being made with the intention of delisting its stock from the PSE, even though its resulting public float will be close to the PSE's minimum public ownership requirement of 10 per cent.
CASEC is conducting a voluntary tender offer of up to 1.614bn CHP shares outstanding at PHP1.30 per share. The tender offer will start around 16 February 2023 and last for at least 20 business days or until 16 March 2023. Tendered shares will be crossed at the PSE on 29 March 2023 and settled on 30 March 2023.
"The tender offer is proposed to be conducted for the purpose of increasing and consolidating the bidder's (CSEC's) interests in CHP, and to provide an opportunity for existing public shareholders to realise their investment, at a premium to the current trading price of the outstanding common shares," CEMEX said.
