SEC approves Fortune Cement Merger

SEC approves Fortune Cement Merger
Published: 29 September 2005

The Philippines’ Securities and Exchange Commission has approved the merger of Fortune Cement Corp and Continental Operating Corp., with Fortune Cement as the surviving entity. The merger was first disclosed in June. The regulator also approved Fortune Cement’s increase in authorized capital to PHP4.232 billion from PHP3.032 billion. The new authorized capital is divided into 4.20 billion common shares and 32 million preferred shares, all of which will have a par value of PHP1.