Holderfin B.V. has kicked off its P1.74 billion tender offer for the 5.05 percent minority shares of Holcim Philippines Inc. (HPI), one of the country’s top cement manufacturer. In a disclosure to the Philippine Stock Exchange (PSE), Holcim Philippines said Holderfin is offering to buy the 325.58 million minority-held shares of HPI at P5.33 per share. The Tender Offer Price represents a 37.70 percent premium over the last closing share price of HPI Common Shares on June 29, 2023 of P3.87 and is at the top end of the P4.73 to P5.33 range provided by the fairness opinion report secured by the company. The tender offer period is from July 10 to Aug. 30, 2023 with the shares to be crossed at the PSE on Sept. 6 and payment to be made on Sept. 13, 2023. Holcim Philippines will be seeking voluntary delisting of its common shares listed in the Main Board of the PSE once it secures the approval of its shareholders during a Special Stockholders' Meeting on Aug. 30, 2023. Under the PSE’s Amended Voluntary Delisting Rules, the voluntary delisting must be approved by stockholders owning at least two-thirds of the total outstanding and listed shares of the listed company and with the number of votes cast against the delisting proposal not more than 10 percent of the total outstanding and listed shares of the listed company. Holcim’s stock has been suspended from trading at the PSE after its public float fell below the minimum requirement for lists firms. Holderfin said recently that it had purchased from Sumitomo Osaka Cement Co. Ltd. of 594.95 million common shares and representing 9.22 percent of the Holcim Philippines’ issued and outstanding capital stock. Holderfin acquired Sumitomo’s stake in Holcim for P2.33 billion or P3.92 per share which is close to its market price. The Sumitomo transaction was done through a block sale within the facilities of the PSE on June 29, 2023 and, after completion, the minimum public float of Holcim Philippines fell to just 5.05 percent. Post-acquisition, Holderfin owns 27.33 percent of HPI’s Common Shares while, together its two affiliates Union Cement Holdings Corporation and Cemco Holdings Inc., the group owns HPI Common Shares equivalent to approximately 94.95 percent of HPI. “The Company will not be able to raise the required MPO (minimum public ownership) within a reasonable period due to prevailing market conditions,” noted Holcim.