Republic Cement to delist shares from local bourse

Republic Cement to delist shares from local bourse

Republic Cement & Building Materials Inc., formerly Lafarge Republic Inc., has said that it plans to delist its shares from the Philippine Stock Exchange on March 15. Republic Cement said in a public announcement that its board of directors approved and authorised the voluntary delisting of shares in accordance with the exchange´s rules on delisting.

The company earlier expressed plans to delist its shares after its public float fell below the 10-per cent minimum requirement of the exchange.

AEV-CRH Holdings Inc., a 60:40 joint venture between conglomerate Aboitiz Equity Ventures Inc. and Irish cement maker CRH International, acquired a 99.09-percent stake in Lafarge Republic in September.

The PSE suspended the trading of the company´s shares on September 15, after the latter´s public float fell below the 10-per cent minimum public ownership requirement. AEV had signed a $400-million loan agreement with The Bank of Tokyo-Mitsubishi UFJ Ltd. to partially finance the cement venture.

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