SEC OKs Eagle Ce­ment IPO

The Philippine Star - - BUSINESS - By IRIS GON­ZA­LES

The Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) has ap­proved the P9.2 bil­lion ini­tial public of­fer­ing of Eagle Ce­ment Corp. (ECC), the ce­ment com­pany of the Ang fam­ily.

ECC will sell up to 575 mil­lion shares at a max­i­mum price of P16 per share, ac­cord­ing to its reg­is­tra­tion state­ment.

Net pro­ceeds amount­ing to P7.4 bil­lion will be used to par­tially fund a P12.5-bil­lion ce­ment plant in Cebu which the com­pany is plan­ning to com­plete by the first quar­ter of 2020.

The com­pany ex­pects to set the fi­nal price on April 27 while list­ing date is on May 17. The of­fer pe­riod will com­mence on May 3 and end on May 10, ac­cord­ing to the re­vised timetable.

It tapped SB Cap­i­tal In­vest­ment Corp., China Bank Cap­i­tal Corp. and PNB Cap­i­tal & In­vest­ment Corp. as joint is­sue managers and lead un­der­writ­ers.

ECC is a 100-per­cent Filipino owned com­pany born from the vi­sion and pas­sion of busi­ness­man Ra­mon Ang, its chair­man. It is not af­fil­i­ated with San Miguel Corp., the di­ver­si­fied con­glom­er­ated where Ang is pres­i­dent and chief op­er­at­ing of­fi­cer.

Its brands are Eagle Ce­ment Ad­vance and Eagle Ce­ment Strongcem while its plant fa­cil­ity, which was es­tab­lished in 2008, is in San Ilde­fonso, Bu­la­can. It started its com­mer­cial op­er­a­tions in 2010, with main of­fice in Man­daluy­ong City.

Mean­while, the SEC also ap­proved the IPO of Cebu Land­mas­ters Inc., a Cebu-based prop­erty de­vel­oper.

The of­fer pe­riod will run from May 8 to 12 while the list­ing of the shares has been ten­ta­tively sched­uled on May 19.

Cebu Land­mas­ters is of­fer­ing up to 430 mil­lion pri­mary com­mon shares and 75 mil­lion sec­ondary com­mon shares at a max­i­mum price of P6.56 per share. It has an over al­lot­ment op­tion of an ad­di­tional 75 mil­lion com­mon shares, com­pris­ing 33.84 per­cent of CLIs is­sued and out­stand­ing com­mon shares.

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