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CMT board clears backdoor entry of PGMC (12 Sep 2014)
Southeast Asia Cement (Seacem) said its board of directors approved on Wednesday amendments to its Articles of Incorporation, including changing its corporate name to Global Ferronickel Holdings Inc.
Likewise, Seacem will beef up its authorized capital stock to PHP 12.555 billion from PHP 2.555 billion and issue 10.46 billion common shares out of the capital stock hike to the stockholders of PGMC in exchange for 99% of the outstanding shares of the nickel firm.
Seacem will also conduct a follow-on offering to the public of available shares arising from the proposed increase in the authorized capital stock, subject to the approval of the Securities and Exchange Commission.
The investors controlling PGMC is starting today the tender offer to buy the shares held by the company’s minority stockholders at PHP 0.46 apiece. The offer period will last on October 9.
(source: PinoyInvestor)
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