Seacem sells shares to comply with public float, Philippines

Philippine-based Southeast Asia Cement Holding (Seacem) is selling PHP194m worth of shares to comply with the 10 per cent minimum public ownership set by the country’s stock exchange.

Seacem said in a disclosure to the Philippine Stock Exchange that it had signed a subscription agreement with two subscribers involving the sale of 555m at PHP0.35/share. The shares account for 7.9 per cent of the company’s outstanding capital stock.

The share would boost the cement manufacturer’s public ownership to 10.31 per cent. Prior to the transaction only 2.41 per cent of Seacem’s outstanding capital stock was owned by the company.

Seacem is currently a shell company after it recently completed the sale of its interests in two units,  Lafarge Republic Inc and Seacem Silos Inc. The company’s LRI shares were sold to major shareholder Calumboyan Holdings Inc and Southwestern Cement Ventures Inc, which is a major shareholder of Lafarge Holdings (Philippines) Inc for PHP730m.