Cimentos de Portugal (Cimpor) has delisted from the Lisbon Stock Exchange, following a decision at an extraordinary general meeting in June. The delisting was approved by shareholders representing 94.67% of the company’s share capital.
Cimpor is majority owned by InterCement, which holds 94.2% of the share capital. To comply with Portuguese law, InterCement has offered to acquire the shares held by shareholders that did not vote in favour of the resolution to delist.
InterCement is offering €0.34 per share. Should all shareholders covered by the offer decide to sell, InterCement will pay a maximum of just under €10.17 million. This amount has been deposited with Haitong Bank in Lisbon to “secure the punctual fulfilment of the obligation to pay” shareholders.
Under the Portuguese Securities Code, Cimpor may not be readmitted to the stock exchange for a period of a year following the delisting.
Read the article online at: https://www.worldcement.com/europe-cis/28092017/cimpor-delists-from-lisbon-stock-exchange/