Philippines’ Union Cement higher

Philippines’ Union Cement higher
Published: 07 January 2005

Shares of Union Cement Corp were higher in late morning trade as investors’ buying interest shifted to second-line stocks, dealers said. Union Cement was up 0.06 pesos or 2.46 per cent at P2.50 in actively trading, with volume reaching 17.9m shares. Dealers said sentiment towards Union Cement has been positive following the move of Bacnotan Consolidated Industries last year to sell its 51 per cent stake in Union Cement Holdings Corp, a major shareholder in Union Cement, to Cemco Holdings Inc, 40 per cent-owned by Switzerland’s Holcim Ltd. Dealers said there has been talk in the market that Union Cement shares were priced atP 4.00-5.00 each in that transaction. The Securities and Exchange Commission has approved the amendment to Union Cement’s articles of incorporation and by-laws to reflect the change of its name to Holcim Philippines Inc.