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Holderfin B.V. has acquired 3.62 percent more of the outstanding shares of Holcim Philippines Inc. worth P1.25 billion from the first round of its tender offer to bring down the cement firm’s public float to just 1.43 percent.
Holcim Philippines said that following the close of the Tender Offer Period, 233.81 million of its common shares were tendered and purchased by Holderfin on September 6, 2023. I Photo: Holcim Philippines
In a disclosure to the Philippine Stock Exchange (PSE), Holcim Philippines said that following the close of the Tender Offer Period, 233.81 million of its common shares were tendered and purchased by Holderfin on September 6, 2023.
The shares were bought at P5.33 per share, and 75 percent of the amount was paid on September 13, 2023, while the balance of 25 percent is held in escrow and will be paid within five calendar days from delivery to the Bidder of the original and valid CAR from the relevant Revenue District Office of the Bureau of Internal Revenue authorizing the transfer of the Tendered Shares from the Tendering Shareholder to the Bidder.
Holderfin, meanwhile, said it will conduct a second tender offer for the remaining 1.43 percent of the outstanding shares of Holcim Philippines held by minority shareholders as directed by the Securities and Exchange Commission (SEC).
Holcim said the SEC had directed Holderfin to conduct a second tender offer by September 28, 2023, "without prejudice to the consummation and payment for the tender offer concluded during the first round.
The company was informed that Holderfin intends to conduct the Second Tranche on the same terms and conditions as the tender offer which opened on July 10, 2023, and ended on August 30, 2023,” Holcim said.
It added that the P1.74 billion tender offer by Holderfin for the 5.05 percent stake in Holcim Philippines held by the public is subject to additional taxes to be paid by the selling shareholders as the company’s stock has been suspended from trading by the PSE.
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