CEMEX S.A.B. de C.V. (Cemex), a Mexican construction materials company, through its subsidiary Cemex Asia, has entered into an agreement with DACON Corp., DMCI Holdings Inc. and Semirara Mining & Power Corp. about the sale of enterprises in the Philippines as part of a strategy to optimize the asset portfolio. This is reported in the CEMEX press release.
The deal includes the sale of Cemex to Asian South East Corp., which owns 89% of the shares of Cemex Holdings Philippines (CHP) and several career enterprises for $306 million. In addition, as part of the transaction, a tender will be held for the sale of 10.14% of CHP shares owned by minority shareholders.
CHP is the owner of Cemex's main subsidiaries in the Philippines (APO Cement Corp. and Solid Cement Corp.), which are engaged in the production, sale and distribution of cement and other building materials in the Philippines.
Cemex plans to use the proceeds from the sale to acquire new assets, reduce debt and corporate goals. The deal is in line with DMCI's strategy to diversify its financial base and reduce risks associated with commodity price volatility.
The transaction is expected to be completed at the end of 2024, subject to the usual requirements for closing the transaction, including regulatory approval.
Cemex is a Mexican international company producing building materials, cement, concrete mixes and aggregates. The headquarters is located in San Pedro (near Monterrey, Mexico) with offices in 50 countries.
DMCI Holdings Inc. is one of the largest Philippine companies in the fields of construction, real estate, cement production, electricity generation and coal mining. The company's market capitalization is 2.45 billion Philippine pesos. The headquarters is located in the Philippines.
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