Philippine Fortune Cement

Philippine Fortune Cement
Published: 07 January 2004

Philippine-listed Fortune Cement Corp said its stockholders' equity has returned to positive at the end of 2003 after settling convertible loan notes last year.  Fortune assured the Philippine Stock Exchange that it has taken initiatives to return its stockholders' equity to positive from a deficit to avoid being delisted.  The stock exchange could delist a company "if its stockholders' equity becomes negative."  The company said its stockholders' equity should be a positive PHP2.5 billion with Fortune's conversion to common shares of PHP2.92 billion worth of convertible loans last year.  Last month, Fortune said its board has approved the issuance of 708.3 million new shares to settle a loan from its parent Republic Cement Corp. (RCM.PH). Fortune said it issued convertible notes to Republic Cement in February 1999 in exchange for a loan amounting to PHP2.125 billion. Each share was valued at PHP3.