PHINMA Corp., a diversified investment holding company, said Friday its unit Philcement Corp. has signed a deal that will enable its 60 percent-owned subsidiary to operate the cement plant of Petra Cement Inc.
The deal will also allow Philcement to distribute and sell the cement to be produced from Petra’s cement plant located in Zamboanga del Norte.
Financial details of the agreement weren’t immediately made available.
The Petra cement plant includes a cement grinding facility with a capacity of 500,000 metric tons a year, which will serve the requirements of Northern Mindanao.
PHINMA said the deal is aligned with Philcement’s growth strategy and assurance to provide Filipino consumers with reliable, high quality supply of cement products under its legacy brand, Union Cement. Philcement current operates a cement processing plant in the Freeport located in Mariveles, Bataan.
