EAGLE Cement Corp. said that no stockholder voted against its proposal to voluntary delist in relation to the company’s ongoing sale of shares to a San Miguel Corp. (SMC) subsidiary.
In a disclosure to the Philippine Stock Exchange , Eagle Cement said that it received the written assent of its stockholders that represent a total of 4.61 billion shares or 92.27% stake in the company on Tuesday.
In October, Eagle Cement’s majority shareholders agreed to sell their holdings to San Miguel Equity Investments, Inc. , a unit of SMC. On Nov. 7, SMEII started the mandatory tender offer to the minority shareholders of Eagle Cement. The tender offer is for the 11.5% shares in Eagle Cement and will run from Nov. 7 to Dec. 5.
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