Philippine Court of Appeals stops SEC order

Philippine Court of Appeals stops SEC order
15 March 2005


The Court of Appeals has stopped the Securities and Exchange Commission (SEC) from enforcing its instruction to Cemco Holdings Inc to buy out the minority shareholders of publicly-listed cement firm Holcim Philippines Inc, the Philippine Daily Inquirer newspaper reported. Holcim Philippines was formerly known as Union Cement Corp. Last year, Cemco, 40 per cent-owned by Switzerland’s Holcim Ltd, bought a 51 per cent stake in UCC major shareholder Union Cement Holdings Corp from Bacnotan Consolidated Industries. In a resolution issued on March 10, the Court of Appeals said a 60-day temporary restraining order against the SEC had taken effect on February 14. The SEC, in response to a petition of a UCC minority shareholder, had ruled that Cemco’s purchase was covered by the mandatory tender offer rule and ordered Cemco to buy out UCC’s other shareholders.
Published under Cement News