PRESS RELEASE April 25, 2024
Consunji Group and CEMEX Asia B.V. sign agreement for Cemex Asian South East Corporation
DMCI Holdings, Inc. (DMC), Dacon Corporation and Semirara Mining and Power Corporation (SCC) have signed a share purchase agreement with CEMEX Asia B.V. to acquire its entire holding of 42,140,266 common shares in Cemex Asian South East Corporation (CASEC).
DMC is set to acquire a 56.75% stake in CASEC, comprising 23,915,631 shares, while Dacon will secure 32.12% of the shares, totaling 13,535,296. SMPC will purchase the remaining 11.13% or 4,689,339 shares.
CASEC is the majority owner of Cemex Holdings Philippines, Inc. (CHP), the fourth largest cement manufacturer in the country, with 89.86% equity interest.
“Cement manufacturing will be a good, strategic addition to our business portfolio. We can leverage our group's expertise and create new revenue streams from this acquisition,” said DMCI Holdings, Dacon and SMPC chairman Isidro A. Consunji.
The share purchase agreement between the Consunji Group and CEMEX Asia B.V. sets a purchase price of US$305.6 million for the acquisition. The price is subject to customary closing adjustments based on CHP’s estimated working capital, cash and debt levels as of the closing date.
The transaction is expected to close before the end of the year, contingent on key conditions.
These include, but are not limited to, securing clearance from the Philippine Competition Commission, and completing a mandatory tender offer (MTO) to the minority shareholders of CHP.
Dacon has been appointed as the bidder for the MTO to acquire the remaining 10.14% of the total issued and outstanding capital stock of CHP.
About DMCI Holdings
DMCI Holdings is the only publicly listed holding company in the Philippines that has construction as its core competency. Its diverse portfolio includes leading enterprises in construction, real estate, integrated energy, off-grid power, nickel mining and water services.
About Dacon Corporation
The privately held company of the Consunji family, Dacon Corporation is majority owner of diversified engineering conglomerate DMCI Holdings, Inc.
About Semirara Mining and Power Corporation
Semirara Mining and Power Corporation is the only vertically-integrated power generator in the country that runs on its own fuel. The largest domestic coal producer, it supplies affordable fuel to power plants, cement factories and other industrial facilities across the Philippines.
About CASEC
CASEC holds approximately 89.86% of the outstanding shares of Cemex Holdings Philippines, Inc. (CHP), a leading vertically integrated heavy building materials company focused on four core businesses—Cement, Ready-Mix Concrete, Aggregates, and Urbanization Solutions.
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