The Securities and Exchange Commission of the Philippines has approved the initial public offering applications of cement-maker Eagle Cement Corp.

Based on a document from the SEC, Eagle Cement was given authority to sell up to 575m shares at PHP16/share. The offer will consist of 500m primary shares and up to 75m worth of secondary shares for overallotment, in case of excess demand.

This exercise will bring to public hands about 11.5 per cent of Eagle Cement’s shares.