DEL ROSARIO-LED conglomerate PHINMA Corp. said its subsidiary has signed a joint venture (JV) deal with Anflo Management and Investment Corp. (ANFLOCOR) to build a P2-billion cement manufacturing plant in Davao del Norte.
PHINMA’s subsidiary Philcement Corp. and ANFLOCOR are building the facility to support Mindanao’s growth, the listed conglomerate said in a statement to the stock exchange on Tuesday.
The cement manufacturing plant, with a production capacity of two million metric tons per year, is expected to be operational by 2026.
The project allows Philcement to ensure supply for the customers of its legacy brand Union Cement, PHINMA said.
ANFLOCOR is the management and investment company of the Mindanao-based ANFLO Group of Companies led by the Floirendos.
“Construction materials are among the many essentials needed to a dignified life through housing and infrastructure,” PHINMA Construction Materials Group President and Chief Executive Officer Eduardo A. Sahagun said.
“This partnership, which is one of many with the ANFLO Group, will enable us to improve the lives of many Mindanaoans,” he added.
The cement facility will be operated by Philcement Mindanao Corp., a 70%-owned subsidiary of Philcement. The remaining 30% of Philcement Mindanao is owned by ANFLOCOR.
The Davao International Container Terminal, Inc., operator of Mindanao’s most modern port terminal and part of the Anflo Group, is also involved in the JV.
“(We) anticipate continued growth in Mindanao which will require good quality cement. Partnering with a like-minded group that has a very extensive track record in this space and whose core value is improving the lives of the communities they operate in was something very important for us.” ANFLOCOR Real Estate and Construction Group President and Philcement Mindanao Vice-Chairman Ricardo F. Lagdameo said.
Philcement is a 60%-owned subsidiary of PHINMA Corp. The company has business interests in the production, importation, processing, distribution, and sale of cement products. It currently operates a cement processing facility in the Freeport Area of Bataan in Mariveles.
On Tuesday, PHINMA Corp. shares fell by 5.26% or P1.15 to P20.70 per share. — Revin Mikhael D. Ochave
