Republic Cement Corp said its board has approved its merger with three of its units, including Fortune Cement Corp, with Republic as the surviving entity.
Republic owns 99.24 pct of Fortune, 98.86 per cent of FR Cement Corp and 100 per cent of Lloyds Richfield Industrial Corp.
Both Republic and Fortune are listed on the Philippine Stock Exchange.
Republic is 39 per cent owned by Lafarge.
“The merger will further simplify the legal structure and makes for a positive synergy among the companies, providing cost efficiencies and improvements,” Republic said in a filing to the stock exchange.