MANILA, Philippines - Trading in Southeast Asia Cement Holdings Inc. (Seacem) resumes today as the Philippine Stock Exchange (PSE) has lifted its suspension order on the company’s shares.
Seacem, which was suspended from trading in January, has complied with the PSE’s 10 percent minimum public float.
Last week, the holding firm sold 544 million common shares worth P193.9 million to two individual buyers. The shares were equivalent to 7.9 percent ownership in Seacem, which had a public float of just 2.41 prior to the transaction.
“As a result of the issuance of the subscription shares to the subscribers, the company would be in compliance with the minimum public ownership requirement,†Seacem said.
This development also draws Seacem a step closer to being acquired by mass housing developer 8990 Group of Companies for P2.57-billion.
Early this year, the PSE suspended the trading of numerous firms because of their failure to meet the required minimum public ownership level.
The public float rule was intended to provide a fair and efficient facility for price discovery and ensure that sufficient liquidity exists.
With the lifting of the trading suspension, Seacem moves closer to sealing a major share sale.
The 8990 Group of Companies, one of the leading low-cost housing developers in Visayas and Mindanao, had announced that it is acquiring Seacem for P2.75 billion.
Seacem stockholders Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc. will sell 6.29 billion common shares or 89.87 percent of Seacem to IHoldings Inc., Januarius Resources Realty Corp. and Kwantlen Development Corp., collectively known as the 8990 Group.
In April, Seacem finalized the divestment of 1.11 billion shares worth P11.35 billion in listed cement firm Lafarge.