Republic Cement in share-swap deal with LafargePUBLICLY LISTED Republic Cement Corp. said Thursday it had issued P1.35 billion in convertible loan notes to Lafarge Holdings Philippines Inc. in exchange for the latter’s shares in cement subsidiary Continental Operating Corp. Lafarge Holdings Philippines is a subsidiary of French conglomerate Lafarge S.A. It acquired control of Republic Cement in 2001 when Lafarge SA acquired Blue Circle U.K. and all its assets, which included Blue Circle Philippines Inc., one of the stockholders of Republic Cement. With shares in Continental, Republic Cement becomes the largest cement group in the country with a total capacity of over 8.5 million metric tons of clinker a year. Republic Cement said in a disclosure to the stock exchange that the loan notes have an interest rate of 8.0 percent per annum payable in arrears on the call date. It said the note holder would have an option to convert the notes into common shares of Republic Cement at any time after the fifth anniversary date. The note holder also has the right to fix the date for settlement and discharge of the convertible loan note at any time after the fifth anniversary date of the note, it said. The settlement and discharge of the convertible loan notes shall be mandatory on its 10th anniversary date. Republic Cement has six manufacturing subsidiaries: Fortune Cement Corp., Premier Cement Corp., Iligan Cement Corp., Mindanao Portland Cement, FR Cement, and Lloyds Richfield Industrial Corp. Continental has plants in the provinces of Bulacan and Rizal, outside Manila.
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