Lafarge Republic to comply with 10% public ownership, Philippines

Lafarge Republic to comply with 10% public ownership, Philippines
Published: 31 August 2012


Lafarge Republic Inc was approved a one-day trading suspension on Friday by the stock exchange of the Philippines as it unveiled plans to comply with the exchange's 10 per cent public ownership requirement, according to reports by Dow Jones.

Lafarge Republic's public ownership is now 3.7 per cent. Companies listed on the Philippine Stock Exchange have until the end of 2012 to comply with the requirement or face a delisting.

The cement producer said its major shareholder, Southeast Asia Cement Holdings Inc, has approved the sale of shares in Lafarge Republic to help meet the public ownership rule. It said the share sale would be followed by "either a property dividend, share swap or such other option that will be deemed most cost effective and feasible with the grace period" allowed by the stock exchange.