Philippine Court of Appeals stops SEC order

Philippine Court of Appeals stops SEC order
Published: 15 March 2005

The Court of Appeals has stopped the Securities and Exchange Commission (SEC) from enforcing its instruction to Cemco Holdings Inc to buy out the minority shareholders of publicly-listed cement firm Holcim Philippines Inc, the Philippine Daily Inquirer newspaper reported. Holcim Philippines was formerly known as Union Cement Corp. Last year, Cemco, 40 per cent-owned by Switzerland’s Holcim Ltd, bought a 51 per cent stake in UCC major shareholder Union Cement Holdings Corp from Bacnotan Consolidated Industries. In a resolution issued on March 10, the Court of Appeals said a 60-day temporary restraining order against the SEC had taken effect on February 14. The SEC, in response to a petition of a UCC minority shareholder, had ruled that Cemco’s purchase was covered by the mandatory tender offer rule and ordered Cemco to buy out UCC’s other shareholders.