Philippines: PHINMA Corporation, through its subsidiary Philcement Corporation, is set to acquire 100% of Petra Cement for US$8.6m. The Share Purchase Agreement was signed on 21 May 2024, with the transaction expected to close by 31 December 2024, according to the Manila Bulletin. This acquisition from Petra is part of PHINMA's expansion in the Mindanao region. The Petra Plant, with a capacity of 500,000t/yr, is located in Zamboanga del Norte.
Additionally, PHINMA plans to construct a 1.5Mt/yr cement packaging plant in Davao, raising its total capacity to approximately 5Mt/yr upon completion of all projects.
