PSE oks Eagle’s P9.2B IPO
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by Land Asia Listings
- May 11, 2017
- News
- 0
Philippine Daily Inquirer
06:40 AM May 11, 2017
http://business.inquirer.net/
The Philippine Stock Exchange approved on Wednesday an initial public offering of up to P9.2 billion planned by Eagle Cement Corp., one of the country’s leading cement-makers.
The offer price will be determined on Thursday, May 11. The offer period will run from May 16 to May 22.
Post-IPO, Eagle will have a market capitalization of up to P80 billion. It intends to debut on the main board of the PSE on May 29 under the ticker symbol “EAGLE”.
The IPO proceeds will be used to partially finance the construction of a 2-million metric ton cement plant in Cebu, which will become its fourth production line. The Cebu cement plant is set to raise Eagle’s production capacity to 9.1 million metric tons per annum by 2020. It will also allow Eagle to make inroads into the Visayas and Mindanao cement market, together with the construction of strategic marine terminals.
Currently, Eagle has a production capacity of 5.1 million tons a year, or a total of 130 million 40-kilo bags of cement. It is presently completing its third production line in Bulacan which will raise its production capacity to 7.1 million metric tons per annum by 2018.
China Bank Capital Corp., Philippine National Bank Capital and Investment Corp. and Security Bank Capital Investment Corp. have been appointed by Eagle as the joint issue managers, joint lead underwriters and joint bookrunners for this equity offering.
Eagle is the largest wholly-Filipino owned cement company and is currently the fourth largest cement-maker in terms of sales volume. The company is owned by Ramon S. Ang and led by its chief executive officer, John Paul Ang.
