Philippines: Aboitiz Equity Ventures Inc, a Philippine investment holding company, has signed a US$400m loan to help fund the acquisition of the Philippine assets and business of cement maker Lafarge SA. The loan is being provided by The Bank of Tokyo-Mitsubishi UFJ Ltd.
Aboitiz Equity signed a deal with CRH in May 2015 to allow it to join the Irish building materials company in buying Lafarge's cement plants in the Philippines. CRH earlier agreed to buy the assets as part of Lafarge and Holcim assets that were due to be sold off prior to the formation of LafargeHolcim. Aboitiz Equity had said the investment is part of efforts to expand in infrastructure development.