Philippine-listed Fortune Cement Corp said Thursday its board has approved the issuance of 708.3 million new shares to settle a loan from its parent Republic Cement Corp. Fortune Cement said it issued convertible notes to Republic Cement in February 1999 in exchange for a loan amounting to 2.125 billion pesos ($1=PHP55.39). Each share is valued at PHP3, it added. Fortune's board also approved a plan for the company to absorb its unit Premier Cement Corp. to simplify the "legal structure and promote significant cost efficiency improvements," said the company. Published under Cement News
Philippine-listed Fortune Cement Corp said Thursday its board has approved the issuance of 708.3 million new shares to settle a loan from its parent Republic Cement Corp. Fortune Cement said it issued convertible notes to Republic Cement in February 1999 in exchange for a loan amounting to 2.125 billion pesos ($1=PHP55.39). Each share is valued at PHP3, it added. Fortune's board also approved a plan for the company to absorb its unit Premier Cement Corp. to simplify the "legal structure and promote significant cost efficiency improvements," said the company. Published under Cement News
Sign up for our Daily News Service
Our editors' pick the top news delivered to your inbox each day.
Sign up for the daily email