Philcement Corp., a unit of Phinma Corp., announced on Wednesday that it has signed a share subscription agreement with Japan-based Sumitomo Osaka Cement Co. Ltd., for the sale of a 15 percent stake through the issuance of primary shares.
Sumitomo, a century-old cement manufacturing firm, is set to complete the transaction before the end of 2025, pending the fulfillment of closing conditions. Despite the deal, Phinma will retain majority ownership with a 60 percent stake in Philcement.
Philcement said the partnership supports its strategy to expand manufacturing operations and ensure a stable, high-quality cement supply in the Philippines under the Union Cement brand.
Meanwhile, Phinma is investing P5 billion this year in various ongoing projects, including the Saludad project in Bacolod, a cement terminal in Davao, and an insulated panels factory in Porac, Pampanga, all of which remain on schedule.
CFO Edmund Alan A. Qua Hiansen also revealed plans to launch horizontal housing projects in Davao and Bacolod, with about P250 million in initial investment. The Davao development could feature around 800 units, while the Bacolod site will have slightly fewer. Both are targeted to rise near existing company facilities, with launches eyed for late 2025 and early 2026, respectively.
