Republic Cement & Building Materials Inc., formerly Lafarge Republic Inc., has said that it plans to delist its shares from the Philippine Stock Exchange on March 15. Republic Cement said in a public announcement that its board of directors approved and authorised the voluntary delisting of shares in accordance with the exchange?s rules on delisting.
The company earlier expressed plans to delist its shares after its public float fell below the 10-per cent minimum requirement of the exchange.
AEV-CRH Holdings Inc., a 60:40 joint venture between conglomerate Aboitiz Equity Ventures Inc. and Irish cement maker CRH International, acquired a 99.09-percent stake in Lafarge Republic in September.
The PSE suspended the trading of the company?s shares on September 15, after the latter?s public float fell below the 10-per cent minimum public ownership requirement. AEV had signed a $400-million loan agreement with The Bank of Tokyo-Mitsubishi UFJ Ltd. to partially finance the cement venture.