During a special stockholders’ meeting on Tuesday, DMCI secured the approval of shareholders to raise about P10 billion from the sale of preferred shares to the Consunji family’s privately-held Dacon Corp.
DMCI chair, president and CEO Isidro Consunji said during the meeting on Tuesday the transaction will not dilute voting rights of shareholders holding common shares, and will strengthen the company’s balance sheet.
He added that DMCI will maintain its policy of paying out dividends equivalent to 25 percent of the past year's core earnings.
The group is also set to launch a buyout offer to minority stockholders of Cemex Philippines from Oct. 23 through Nov. 21 this year. The tender offer price is estimated at P1.42 each, which is a discount to the company’s current price of P1.51 per share.
After the purchase, the Consunji family intends to keep Cemex Philippines listed on the Philippine Stock Exchange.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
