Holcim Philippines is voluntarily delisting from the Philippine Stock Exchange (PSE) after its major shareholder Holderfin BV acquired additional Holcim shares from Sumitomo Osaka Cement. The deal resulted in Holcim’s public float falling to 5.05 per cent, below the required 10 per cent minimum for listed firms.
In the deal, which was completed on 29 July, Holderfin purchased 594.9m common shares from Sumitomo Osaka, equivalent to 9.22 per cent of the company’s outstanding capital stock, taking Holderfin’s total shareholdings from 18.11 per cent to 27.33 per cent. Holderfin has said that it will not be able to issue additional shares to the public that would be sufficient to raise Holcim’s public float to the required level.
