MANILA, Philippines — The Consunji Group has moved closer to sealing the acquisition of a majority stake in Cemex Philippines following the clearance from the Philippine Competition Commission (PCC).
In a stock exchange filing, Cemex Holdings Philippines Inc. (CHP) said the sale of shares in Cemex Asian South East Corp. (CASEC) by Cemex Asia B.V. has secured the clearance of the PCC.
CHP said the PCC clearance is one of the conditions precedent to and a regulatory requirement necessary before consummating the joint acquisition.
“Closing of the transaction is subject to the satisfaction of various other conditions, including, but not limited to, completion taking place under agreements for the sale and purchase of shares pursuant to which the seller would indirectly dispose of its 40-percent interest in each of APO Land & Quarry Corp. and Island Quarry and Aggregates Corp., and the fulfillment of any mandatory tender offer requirement by the buyers to the shareholders of CHP,” it said.
The Consunji Group, through DMCI Holdings, Dacon Corp. and Semirara Mining and Power Corp., signed a share purchase agreement with CEMEX Asia B.V. in April to acquire its entire holding of 42.14 million common shares in CASEC for $305.6 million.
CASEC is the majority owner of CHP, a company which produces and markets cement and other building materials in the Philippines.
Island and Rizal cement product brands are sold in Luzon, while the APO brand is sold in Visayas and Mindanao.
CHP is the country’s fourth largest cement manufacturer.
The Consunji Group has a diversified investment consisting of construction, real estate, coal and nickel mining, power generation and water distribution.
The acquisition of CHP marks the start of a new era for the group after a decade-long focus on organic growth.
The group earlier bared a strategic plan to revitalize the listed cement maker, its largest investment to date and its first acquisition in a decade.