CHP to remain listed after Dacon tender offer

MANILA, Philippines — Cemex Holdings Philippines Inc. (CHP) will remain a listed company following the completion of the tender offer by the Consunji family’s Dacon Corp.

CHP told the Philippine Stock Exchange (PSE) that 12.88 million shares amounting to P18.29 million were tendered and accepted during Dacon’s tender offer from Oct. 23 to Nov. 21.

The total number of shares owned by the public minus the tendered shares stood at 1.35 billion or 10.01 percent, still above the PSE’s 10 percent minimum requirement.

The Consunji Group earlier maintained that the group has no intention to delist CHP from the PSE.

The group, through DMCI Holdings, Dacon and Semirara Mining and Power Corp., signed a share purchase agreement with CEMEX Asia B.V. in April to acquire its entire holding of 42.14 million common shares in Cemex Asian South East Corp. (CASEC) for $305.6 million.

CASEC is the majority owner of CHP,  the country’s fourth-largest cement manufacturer that also markets other building materials in the Philippines.

The purchasers have earlier agreed to assign the task of conducting the mandatory tender offer to Dacon on their behalf.

Recognizing CHP’s operational and financial issues, DMCI earlier bared a strategic plan to revitalize the company, its largest investment to date and its first acquisition in a decade.

DMCI is positive that it can turn it around by 2025 due to its ongoing capacity expansion and the clear synergies it brings to the group.