Displaying items by tag: Cemex Asian South East Corporation

Philippines: Cemex has received approval from the Philippine Competition Commission (PCC) to sell 90% of Cemex Holdings Philippines's shares. The approval relates to a joint acquisition by DMCI Holdings, Semirara Mining and Power and Dacon of shares in Cemex Asian South East Corporation, which holds a major stake in Cemex Holdings Philippines. This clearance is a requirement for finalising the transaction, contingent on further compliance by the acquiring companies.

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.