^

Business

Phinma reinforces re-entry into cement, invests P800 million

Richmond Mercurio - The Philippine Star

MANILA, Philippines — The cement unit of the Phinma Corp. has reinforced its re-entry into the local cement industry with an P800-million acquisition of a cement terminal port in Bataan.

The publicly listed company said yesterday Philcement Corp. has signed an agreement with Seasia Nectar Port Services Inc. for the takeover of port facilities and land currently under lease by the cement firm for its Bataan cement processing terminal.

Eduardo Sahagun, Philcement president and CEO, said the agreement and additional investment is a meaningful part of the group’s strategy to provide cost-efficient and reliable supply of construction materials.

With more control over the Bataan facility, Phinma said its re-entry into the Philippine cement industry is strengthened further.

Phinma last year made its return to the cement industry after it brought back the Union Cement brand to the market.

“This investment shall result in operational and cost efficiencies which align with Philcement’s commitment to assure Filipino consumers of reliable, high-quality supply of cement products under its legacy brand Union Cement,” Phinma said.

Through Philcement, Phinma’s vehicle intends to make its cement industry comeback by contributing significantly to the growing demand for reliable and quality cement and construction materials in the country.

Philcement, a 60 percent-owned subsidiary of Phinma, currently sells and distributes cement to select areas under the brands Union Cement Ultra and Union Cement Super.

Phinma also has investments in education, property development and hospitality.

Last week, Phinma announced that it entered into an agreement to invest $50 million in preferred shares of Song Lam Cement Joint Stock Corp. to help ensure supply reliability for the Philippines with both volume and quality assurance.

Song Lam is a subsidiary of The Vissai Group, the largest privately owned cement manufacturer in Vietnam which exports to 37 countries including the Philippines.

CEMENT PHINMA CORP.
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with