Holcim Philippines continues rise ahead of Cemco’s tender offer

Holcim Philippines continues rise ahead of Cemco’s tender offer
Published: 25 February 2005

Shares of Holcim Philippines Inc extended recent gains ahead of Cemco Holdings Inc’s tender offer to Holcim’s minority shareholders, dealers said. In mid-morning trade, Holcim, formerly Union Cement Corp (UCC), was up 0.05 peso or 1.19 per cent at 4.25 on 3.33 mln shares. Cemco Holdings was ordered by the Securities and Exchange Commission to make a tender offer to minority shareholders of Holcim. This was after the regulator reversed its previous decision that ruled Cemco’s purchase of a 51 per cent stake in UCC major shareholder Union Cement Holdings Corp from Bacnotan Consolidated was not covered by the mandatory tender offer rule. Cemco is 40 per cent-owned by Switzerland’s Holcim Ltd.