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| SEC approves merger of Fortune Cement, Continental Posted: 10:41 AM | Sept. 29, 2005 XFN-Asia FORTUNE Cement Corp. said the Securities and Exchange Commission has approved its planned merger with Continental Operating Corp., with Fortune Cement as the surviving entity. The SEC has also approved the increase in Fortune Cement's authorized capital stock to 4.232 billion pesos from 3.032 billion. Continental, which is not listed in the stock exchange, is a unit of a publicly listed Republic Cement Corp. The merger will involve the issuance of about 1.12 billion common shares of Fortune Cement to Republic Cement in exchange for all the issued and outstanding shares of Continental. At 10.27 am, both Fortune and Republic were untraded, after closing at 0.50 and 0.64 peso, respectively. (One dollar = 56.10 pesos) Copyright 2005 Xinhua Financial News Service-Asia. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. copyright �2005 INQ7money.net all rights reserved this story was taken from www.inq7money.net URL: http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=09&dd=29&file=12 |