📋 Tender Overview
The Consunji Group announced Tuesday that it now owns nearly 90 percent of cement manufacturer CEMEX Holdings Philippines (CHP) after closing the deal on Dec. 2. Through its companies DMCI Holdings, Semirara Mining and Power Corp. (SMPC), and Dacon Corp., the Consjunji Group completed the acquisition of Cemex Asian South East Corp. (Casec)--CHPs parent company--at USD272 million.
At the financial close, DMCI secured a 51-percent effective stake in CHP, while SMPC and Dacon accounted for 10 percent and approximately 29 percent, respectively.We are excited to welcome CEMEX Holdings Philippines into the DMCI group, said DMCI, SMPC, and CHP chair Isidro Consunji.This acquisition aligns with our core expertise in engineering and construction and dedication to contributing to the infrastructure development of the Philippines, Consunji added.Earlier, Consunji said the company eyes a financial rebound of CHPs operational and financial performance next year with the completion of Solid Cement Corp. in Antipolo, Rizal.
The plant will boost CHPs production capacity to 7.2 million tons from the current 5.7 million tons from cement factories of APO Cement and Solid Cement, which are wholly owned by CHP.DMCI board advisor, executive vice president, and chief finance officer Herbert Consunji has been appointed as CHP president and chief executive officer.Our priorities are to enhance the logistics network, optimize the product mix, manage production and operating costs, and leverage on potential operating synergies within the DMCI ecosystem, the new CHP chief said.
