Fortune Cement to merge

Fortune Cement to merge
Published: 12 December 2003

Fortune Cement Corp is set to merge with its wholly owned unit Premier Cement Corp.  The merger, approved by Fortune Cement's board of directors on Dec. 10, is seen to improve operational efficiency.  Fortune Cement will be the surviving entity after the merger.  "The merger will simplify the legal structure and promote significant cost efficiency improvements, such as substantial use of spare equipment and machinery by the company, single statutory audit, and reportorial requirements," said Fortune Cement Corporate Secretary Bi Yong S. Chungunco.