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

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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.

Calumboyan Holdings Inc., Lafarge Holdings Philippines Inc. and Seacem Silos Inc. are Seacem’s shareholders that were involved in the transaction.

The buyers, meanwhile, were identified as stockholders of real-estate developer 8990 Housing.

As for the breakdown of the stake that was acquired, IHoldings shall purchase shares equivalent to 74.8 percent, Januarius Resources 4.9 percent and Kwantlen Development 10.17 percent of Seacem’s capital stock.

The sale shares shall be sold at an aggregate purchase price of P2.57 billion.

“Under the terms of the sale and purchase agreement, the sale shares shall be sold to the buyers, upon the fulfillment of certain closing conditions, including the lifting of the trading suspension imposed on the company’s shares,” the disclosure further said.

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