June 06, 2013

Seacem avoids delisting following share sale

Southeast Asia Cement Holdings Inc. (Seacem) will remain listed in the local bourse as it was able to comply with the 10-percent minimum public float. In a regulatory filing, Seacem said it signed subscription agreements for two individual buyers to acquire 277 M Seacem shares each.

The cement holding firm raised P193.9 M from the sale of its shares at 35 centavos apiece. Prior to the share sale, Seacem had a public ownership level of 2.41 float. After the transaction, its public float will increase to 10.31%.

Seacem booked P2.868 B in profits last year, more than four times the P669 M a year ago mainly due to its share in the income of associate Republic Cement Corp. - WealthSec