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News Cemex to sell Cemex Holdings Philippines

Cemex to sell Cemex Holdings Philippines

Written by Global Cement staff 25 April 2024
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Philippines: Cemex has agreed to sell its business in the Philippines to DACON Corporation, DMCI Holdings and Seminara Mining & Power Corporation. The buyers will acquire assets including Cemex Asian South East Corporation, which holds an 89% majority stake in Cemex Holdings Philippines. The parties will derive a purchase price for Cemex Holdings Philippines by deducting net debt and minority interests from an enterprise value of US$660m. Also included in the sale is a 40% indirect equity interest in both APO Land & Quarry Corporation and Island Quarry and Aggregates Corporation. Both mining companies have a combined enterprise value of US$140m.

Cemex says that it will complete the deal later in 2024, until which time its operations will continue in the ordinary course of attending to all clients, suppliers and other stakeholders. It plans to use the proceeds from the divestment to fund bolt-on acquisitions in key markets, to reduce debt and for other corporate purposes.

Last modified on 30 April 2024
Published in Global Cement News
Tagged under
  • Cemex
  • Philippines
  • Cemex Holdings Philippines
  • Debts
  • Cemex Asian South East Corporation
  • DACON Corporation
  • DMCI Holdings
  • Seminara Mining & Power Corporation
  • APO Land & Quarry Corporation
  • Island Quarry and Aggregates Corporation
  • Finance
  • market
  • GCW657
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