Southeast Asia Cement Holdings, Inc. (CMT) was established on May 3, 1994 as a holding company, and listed at the Philippine Stock Exchange on December 14, 1994. In December 2003, CMT subscribed to 1,548,614,753 common shares of Republic Cement Corporation. As payment for the said subscription, CMT exchanged its 19,960,995 common shares in FR Cement Corporation (FRCC) and 10,000,000 common shares in Lloyds Richfield Industrial Corporation (LRIC). As a result, FRCC and LRIC ceased to be subsidiaries of CMT. Accordingly, Republic became an associate investee of CMT. On October 9, 2007, the Securities and Exchange Commission approved the merger of CMT's subsidiaries, Seacem Silos, Inc. (SSI) and Seacem Trading Corporation (STC), SSI's subsidiary, Agrodynamics Philippines, Inc., and STC's subsidiary, Hopkins Holdings, Inc., where SSI is the surviving corporation. SSI remains a wholly-owned subsidiary of CMT. SSI has not started commercial operations. At present, the company does not have an operating cement manufacturing subsidiary. Source: SEC Form 17-A (2008)