Displaying items by tag: Cemex Holdings Philippines

Philippines: Cemex Holdings Philippines has officially completed its rebranding initiative, with the company now known as Concreat Holdings Philippines Inc. The rebranding, which was approved by the Securities and Exchange Commission, was undertaken as part of the company’s evolution following the acquisition by the Consunji Group, led by diversified engineering conglomerate DMCI Holdings, in late 2024.

Concreat Holdings said the new name, which combines the words ‘Consunji’ and ‘create,’ reflects its renewed focus on integrity, reliability, resilience and nation-building. The company’s president and CEO Herbert Consunji said that the rebranding represents a bold new direction under DMCI’s management, guided by an all-Filipino team deeply rooted in local insight and long-term stewardship.

Philippines: The Consunji Group has appointed Herbert M Consunji as the president and CEO of Cemex Holdings Philippines (CHP). The group completed its acquisitions of CHP from Cemex in early December 2024, according to the Manila Bulletin newspaper. It plans to change the name of the company to Concreat Holdings Philippines subject to the approval of shareholders at a meeting to be held in February 2025.

Consunji is the Executive Vice President, Chief Finance Officer, Chief Compliance Officer and Chief Risk Officer of DMCI Holdings, part of Consunji Group. He concurrently sits on the board of various DMCI Holdings subsidiary companies. He is a certified public accountant and he graduated from De La Salle University in Manila with a degree in commerce majoring in Accounting.

Philippines: Cemex Holdings Philippines (CHP) sold its entire stake in Swiss-based Cemex Asia Research (CAR) to Cemex Innovation Holding for US$900,459 to streamline its business, according to BusinessWorld. CHP signed a share purchase agreement with Cemex Innovation on 26 November 2024 involving the sale of 118,849 shares. The company is the licensee under certain licence agreements with Cemex and its subsidiaries for certain trademarks and intangible assets, which it sublicensed to CHP and its domestic subsidiaries. Cemex Innovation is an affiliate of Mexican operating and holding company Cemex.

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 Holdings Philippines has entered a retail supply agreement through its subsidiary Apo Cement with Sem-Calaca Res to supply 44MW of electricity to its cement plant in Naga, Cebu. The agreement will remain effective until 25 December 2024.

Chair and President Isidro Consunji said "While cement demand is currently low, we expect it to rebound as our turnaround plan progresses, supported by the 'Build Better More' programme and the anticipated easing of interest rates next year."

Philippines: Cemex has sold its Philippine cement brands to the Consunji family for US$12.55m. Cemex Holdings Philippines revealed that APO Cement and Solid Cement repurchased the brands from Cemex Innovation Holding in Switzerland. APO Cement, based in Naga, Cebu, acquired the ‘Apo Cement’ brand for US$8.2m, while Solid Cement, located in Antipolo, bought the ‘Rizal’ and ‘Island’ trademarks for US$4.53m. This follows Cemex's strategic withdrawal from the Philippines, completing the sale of Apo Cement and Solid Cement to DMCI Holdings, Dacon and Semirara Mining and Power of the Consunji family for US$305.6m in April 2024.

Philippines: DMCI Holdings is 'optimistic' that Cemex Philippines will swing back to profit in 2024. Cemex Philippines saw its net loss increase to US$34.6m in 2023 from US$17.3m in 2023, representing a year-on-year increase of 50%. This was mainly due to higher costs and lower sales volume, according to The Manila Times.

DMCI Chairman and President Isidro Consunji said "We recognise Cemex Philippines' operational and financial issues, and we are positive that we can turn it around by 2025 because of its ongoing capacity expansion and the clear synergies it brings to our group."

DMCI expects Cemex Philippines to double its capacity in the Luzon region with the completion of a 1.5Mt/yr integrated cement production line, which is scheduled to commence operations by September 2024. The new production line, located at Cemex Philippines's plant in Antipolo, Rizal, will increase the company’s annual production capacity by 26%, to 7.2Mt/yr from 5.7Mt/yr.

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.

Philippines: DMCI Holdings is considering the acquisition of Cemex Holdings Philippines. Reuters has reported that the deal is valued at around US$715m. DMCI Holdings Chairman Isidro Consunji expressed optimism about the potential acquisition, but did not specify a completion timeline. DMCI Holdings is exploring diversification into new industries, with cement identified as a strategic addition.

Philippines: Cemex Holdings Philippines has announced that production of will continue as normal at all its plants in spite of the global coronavirus pandemic. Reuters has reported that the company has activated rapid response teams throughout operations to reduce the disease’s impacts. Cemex Holdings Philippines has said that there will be no material disruption in its ability to transport products or receive raw materials and equipment.