As part of its commitment to support the country’s effort in ecological preservation, Eagle Cement Corporation (ECC) recently donated P1.5 million pesos to the Philippine Eagle Foundation for the conservation of the world renowned but criticially endangered Philippine Eagle.
Eagle Cement files application for a PhP9.20 billion IPO
Eagle Cement Corporation (“Eagle Cement” or the “company”), one of the leading domestic cement players, filed an application with the Securities and Exchange Commission (“SEC”) to raise up to PhP9.20 billion through an initial public offering (“IPO”) last March 1, 2017. Based on the registration statement filed by the company, the proposed IPO will involve the issuance of 500 million new or primary common shares to be offered by Eagle Cement at an offer price of up to PhP16.00 per share.
Shareholder, Far East Cement Corporation, has granted an option to sell an additional 75 million common shares to cover over allotments.
The net proceeds from the offer will be used by the company to partially finance its ongoing expansion in the Visayas region.
The total offer shares, including the over-allotment, will represent up to 11.5% of the company’s total issued and outstanding shares post IPO. Listing of the offer shares is being targeted by May 2017.
Eagle Cement has appointed China Bank Capital Corporation, PNB Capital and Investment Corporation and SB Capital Investment Corporation to act as Joint Issue Managers, Joint Lead Underwriters and Joint Bookrunners for its maiden capital market offering.
In 2016, the company posted net sales of Php13.28 billion and net income of Php4.11 billion.
Please feel free to click on the following URLs below for a copy of ECC Preliminary Prospectus and Application to Purchase Form and Signature Card