Seacem selling shares to raise public float

Rappler.com

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Southeast Asia Cement Holdings is selling P194-M worth of shares to comply with the minimum public float rule

MANILA, Philippines – Cement manufacturer Southeast Asia Cement Holdings Inc. (Seacem) said Thursday, June 6, it is selling P194 million worth of shares to comply with the 10% minimum public ownership requirement of the Philippine Stock Exchange (PSE).

In a disclosure to the PSE, Seacem said it signed a subscription agreement with two parties involving the sale of 554 million shares at P0.35 apiece.

The shares, which would be issued from the company’s unissued and authorized capital stock, account for 7.9% of its outstanding capital stock.

The share sale would boost the cement manufacturer’s public ownership to 10.31% from 2.41%.

Seacem is currently a shell company after it recently completed the sale of its interests in two units — Lafarge Republic Inc. and Seacem Silos Inc.

Shares of Seacem were last traded on December 28, closing at P2.40 each.

Seacem is one of 5 remaining companies with public float of less than 10%. The others are PAL Holdings Inc., PNOC-Exploration Corp., Philcomsat Holdings Inc., and Nextstage Inc.

PSE earlier said companies that fail to comply with the requirement by end-June 2013 would be automatically delisted from the official exchange registry. – Rappler.com

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