Philippine Fortune

Philippine Fortune
Published: 11 December 2003

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.