MANILA, Philippines – The new controlling owners of Southeast Asia Cement Holdings Inc. (Seacem) is offering to buy out the minority shareholders at a cost of almost P290 million.
In a regulatory filing, the 8990 Group of Companies said it will conduct a tender offer to minority shareholders following its takeover of Seacem.
IHoldings Inc., Kwantlen Development Corp. and Januarius Resources Realty Corp., collectively known as the 8990 Group, said they filed an “offer to acquire all the remaining common shares of Seacem held by the public.”
The 8990 Group plans to buy 709.54 million common shares of Seacem at P0.4083 each for a total transaction value of P289.7 million.
The tender offer price is a steep discount from Seacem’s closing price of P1.52 on Thursday. The offer to buy out minority shareholders will start on June 17 and end on July 12.
Last week, 8990 Group entered into a purchase agreement to buy 89.87 percent of Seacem from Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc.
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The 8990 Group, one of the leading low-cost housing developers in Visayas and Mindanao, spent P2.75 billion for the acquisition.
“The buyers are conducting the tender offer for all the remaining issued shares of Seacem, in compliance with the rules on mandatory tender offer,” the company said.