Consunji Group to acquire Cemex for $305.6 million

MANILA, Philippines — The Consunji Group is solidifying its entry into the cement business with a $305.6-million acquisition in Cemex Asian South East Corp. (CASEC), the principal shareholder of Cemex Holdings Philippines.

DMCI Holdings Inc., Dacon Corp. and Semirara Mining and Power Corp. (SMPC) of the Consunji Group have signed a share purchase agreement with CEMEX Asia B.V. to acquire its entire holding of 42.14 million common shares in CASEC.

Under the agreement, DMCI is set to acquire a 56.75-percent stake in CASEC, while Dacon will secure 32.12 percent and SMPC will purchase the remaining 11.13 percent.

CASEC is the majority owner of Cemex Holdings Philippines with 89.86-percent equity interest.

Cemex Holdings Philippines is the fourth largest cement manufacturer in the country.

The purchase price of $305.6 million for the acquisition is subject to customary closing adjustments based on Cemex Holdings Philippines’ estimated working capital, cash and debt levels as of the closing date.

Closing of the transaction is expected before the end of the year, subject to key conditions.

DMCI Holdings, Dacon and SMPC chairman Isidro Consunji sees cement manufacturing as a good and strategic addition to the group’s business portfolio.

“We can leverage our group’s expertise and create new revenue streams from this acquisition,” he said.

The Consunji Group has a diversified investment consisting of construction, real estate, coal and nickel mining, power generation and water distribution.