PSE OKs Eagle Cement, Cebu Landmasters IPO

It’s all systems go for the much-awaited initial public offering of Eagle Cement Corp., the cement company of the Ang family.

The Philippine Stock Exchange approved the IPOs of Eagle Cement and Cebu Landmasters Inc. during its board meeting late Wednesday.

Eagle Cement, which is targeting to list on May 29, will be offering 500 million primary shares at a maximum price of P16 per share while CLI, will be offering 505 million shares at a maximum price of P6.56 per share.

The scheduled offer period for Eagle Cement is May 16 to 22 while CLI will hold its offering from May 19 to 26 with the listing targeted on June 2.

PSE president and CEO Ramon Monzon said both companies have complied with the requirements.

“We commend both companies for successfully complying with PSE’s IPO requisites thereby enabling them to tap the stock market for their capital requirements. We encourage more companies to do the same,” Monzon said.

“We are hopeful these IPOs will be met with keen interest by big and small investors alike. The Local Small Investor component of IPOs provides small investors the chance to participate in these investment opportunities,” he added.

Post-IPO, ECC will have a market capitalization of up to P80 billion.

Proceeds will be used to partially finance the construction of a two million metric ton cement plant in Cebu, which will become the company’s fourth production line, the company said.

The Cebu plant is set to raise the company’s production to 9.1 million metric tons per annum by 2020 to become the leading cement firm in the country.