June 10, 2013

8990 Group acquires Seacem

The 8990 Group of Companies, one of the leading low-cost housing developers in Visayas and Mindanao, is acquiring dormant holding firm Southeast Asia Cement Holdings Inc. (Seacem) for P2.57 B. Seacem said its major shareholders Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc. will sell 6.29  B common shares or 89.87% of Seacem to IHoldings Inc., Januarius Resources Realty Corp. and Kwantlen Development Corp., all stockholders of 8990 Housing.

Last week, Seacem raised P193.9 M as it sold 554 M shares to two investors, allowing it to comply with the 10% minimum public ownership requirement of the local bourse. It also completed the sale of its subsidiary Seacem Silos for P730 M.

In April, Seacem finalized the divestment of its 1.11  B shares worth P11.35  B in listed cement firm Lafarge. Seacem’s sale of Lafarge and Seacem Silos shares will give Seacem the flexibility to restructure the financial position of its assets or for its major shareholders to enter into transactions with third parties interested in purchasing Seacem. This leaves the company with no assets and ready for a firm wanting to list in the local bourse via the backdoor route. - WealthSec