Industrial glassmaker Republic Glass Holdings Corp. said on 24 May that its board approved a plan to sell its entire majority stake in Republic-Asahi Glass Corp. to Japanese joint venture partner Asah…
Industrial glassmaker Republic Glass Holdings Corp. said on 24 May that its board approved a plan to sell its entire majority stake in Republic-Asahi Glass Corp. to Japanese joint venture partner Asahi Glass Co. Republic-Asahi Glass is the largest glass company in the Philippines. The board also approved the sale of the company“s entire stake in Republic-Asahi Realty Corp. “The aggregate total revenue package for the sale is expected to reach some Pso 1.186 billion,” said Republic Glass in a disclosure to the stock exchange. “This means that the issued and outstanding shares of this company are each entitled to a gross proportionate participation of Pso 1.74 per share in the proceeds of the sale.” Republic Glass expects the share purchase agreement to be executed within the next two weeks and the deal to be closed within two months after that. The company earlier said it suffered a net loss of Pso 22 million in the first quarter, a reversal from a net profit of Pso 15.6 million in the same period the year before, due to foreign exchange losses. Its revenue increased 3% to Pso 556.1 million due largely to an increases in glass sales by Republic-Asahi Glass Corp. With modest growth expected for the construction and automotive sectors, which are the main markets for Republic-Asahi Glass Corp., Republic Glass said it continues to focus on cost-cutting and divestment of some key investments.