Cemex Holdings Philippines Inc. said Thursday its indirect parent, Cemex Asia B.V., agreed to sell to the DMCI Holdings group for USD305.6 million all of the outstanding shares of Cemex Asian South East Corp. The sale is expected to be finalized before the year ends.
CASEC owns 89.86 percent of Cemex Holdings, a Philippine Stock Exchange-listed cement company.
The sale of Cemex Holdings to DMCI Holdings, Semirara Mining and Power Corp., and Dacon Corp. is expected to be finalized before the year ends. It is subject to pre-completion conditions, including the approval by the Philippine Competition Commission
Other conditions for the completion of the sale include CASEC disposing its 40 percent interest in each of APO Land & Quarry Corp. and Island Quarry and Aggregates Corp., and the fulfillment by the DMCI Holdings group any mandatory tender offer to the minority shareholders of Cemex Holdings.
Cemex Holdings produces and markets cement and other building materials through an extensive marine and land distribution network. Its cement manufacturing subsidiaries include well-established brands, such as “APO,” “Island,” and “ Rizal.”
