The group of shareholders behind the 8990 Group, a property holding firm, has acquired a controlling stake in a second publicly traded company less than a year after buying control of listed IP Converge Data Center Inc.
A filing at the Philippine Stock Exchange Monday showed that 8990 Group, through IHoldings Inc., Januarius Resources Realty Corp. and Kwantlen Development Corp., have struck a deal to buy 89.87 percent of Southeast Asia Cement Holdings Inc. (Seacem) for P2.57 billion.
“The price was arrived at by the parties after consideration of several factors, including the current net asset value of the company and the declaration of cash dividends to stockholders of record as of June 5, 2013,” Seacem said in its filing.
Based on the disclosure, the three companies acquired 6.29 billion shares of Seacem, which has been slowly divesting its assets to its primary shareholder, the Lafarge Group, to make way for the entry of a new shareholder.
It was not clear what the new owners will do with Seacem. 8990 Group president and CEO Januario Jesus Atencio did not immediately elaborate on the reasons for the acquisition yesterday when contacted by the Inquirer.
The same shareholder group acquired IP Converge last year, with the intention of transforming the company into a new property holding firm to be renamed 8990 Holdings. The company is behind the Deca Homes, a developer specializing in residential subdivisions targeting the mass market.
Seacem last week said it sold shares to two subscribers that allowed its float to rise just above the minimum 10 percent required by the PSE to avoid delisting next month. Trading of its shares, however, remains under suspension after the company failed to meet the public ownership requirement of the PSE at the end of last year.
Seacem also said on Thursday last week that it agreed to sell 25 million shares in Seacem Silos Inc. to its major shareholders for P730 million.
The shares were sold to Calumboyan Holdings Inc., owner of 61.95 percent of Seacem at the end of the first quarter, and Lafarge Holdings Philippines, which owns almost 34 percent.