Eagle sets IPO offer price at P15

Cement producer Eagle Cement Corp. which will be traded under the ticker symbol “Eagle”, has priced its initial public offering at P15 per share, following the recent approval of its public listing by the Philippine Stock Exchange (PSE).

Founded in 1995 and commenced commercial oper­ations in 2010, Eagle Cement Corporation (Eagle) is en­gaged in the business of manufacturing, marketing, sale and distribution of cement, using the brands Eagle Ce­ment Advance Type 1P, Eagle Cement Exceed Type 1P, and Eagle Cement Strongcem Type 1.

Eagle is an ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 certified company.

Eagle plans to sell 500 million common shares by way of primary offer with an over-allotment option of up to 75 million secondary shares. The offer period is set on May 16 to May 22, 2017. EAGLE’s target listing date is on May 29, 2017.

The company is the only wholly-Filipino owned ce­ment company and is set to become one of the Philippines’ largest cement manufacturers in terms of capacity by next year.

“We are very pleased with the bookbuilding results. The issue was well received by institutional investors. This is a strong indication of their confidence in Eagle’s funda­mentals and potential to be the major driver in the cement industry,” SB Capital Investment Corp. President Noel Dayrit.

Eagle has appointed China Bank Capital Corp., Philip­pine National Bank Capital and Investment Corp., and SB Capital Investment Corp. as its joint issue managers, joint lead underwriters, and joint bookrunners for the IPO.

Proceeds from Eagle Cement’s IPO will be used to par­tially finance the construction of the company’s two mil­lion metric ton cement plant in Cebu, which will be its fourth production line.

The proceeds will also be used to build strategic ma­rine terminals in the Visayas and Mindanao region to fa­cilitate quicker distribution of Eagle’s products in its bid to capture the Visayas and Mindanao cement market.

Eagle’s production capacity currently stands at 5.1 mil­lion tons a year. Once its third production line in Bulacan is completed in 2018, Eagle’s capacity will be at 7.1 million tons per annum, making it the country’s leading cement company in terms of capacity. The completion of the Cebu plant in 2020 will further increase Eagle’s capacity to 9.1 million tons of cement per year. RIZA LOZADA