8990 Housing gets majority stake in Seacem for P2.57B

THE 8990 Housing Development Corp., the group that recently acquired IP-Converge Data Center Inc., has acquired a majority stake from cement manufacturing firm Southeast Asia Cement Holdings Inc. (Seacem) for P2.57 billion.

In a filing with the Philippine Stock Exchange, Seacem disclosed that some if its major shareholders have signed a sale and purchase agreement with IHoldings Inc., Januarius Resources Realty Corp. and Kwantlen Development Corp. for the sale of 6.29-billion common shares of Seacem, representing 89.87 percent of the company’s outstanding capital stock.