THE CONSUNJI Group has received PCC approval for its $305.6-million acquisition of Cemex Asian South East Corp. (CASEC), which holds an 89.86% stake in Cemex Holdings Philippines, Inc.
The PCC has issued a certification clearing the proposed joint acquisition by Consunji Group firms DMCI Holdings, Inc., Semirara Mining and Power Corp. (SMPC), and Dacon Corp. of the entire stake in CASEC held by Cemex Asia B.V., the companies said in separate disclosures on Wednesday.
Cemex Holdings Philippines primarily sells gray ordinary Portland cement, masonry cement, mortar cement, and blended cement.
“The clearance of the PCC is one of the conditions precedent to, and a regulatory requirement necessary before, consummating the joint acquisition,” the companies said in separate disclosures.
In April, DMCI, SMPC, and Dacon signed a share purchase agreement with Cemex Asia to acquire 42.14 million common shares in CASEC.
Under the agreement, DMCI is set to acquire a 56.75% stake (23.92 million shares); Dacon, 32.12% (13.54 million shares); and SMPC, 11.13% (4.69 million shares).
“The acquisition of CASEC will allow DMCI to venture into the cement industry,” DMCI said in an April 25 disclosure.
The companies said that the closing of the transaction is contingent upon satisfying certain conditions, including the completion of the sale and purchase of shares, through which Cemex Asia would indirectly divest its 40% interest in both APO Land & Quarry Corp. and Island Quarry and Aggregates Corp.
There is also a need to fulfill any mandatory tender offer requirement by the buyers to the shareholders of Cemex Philippines.
Cemex Philippines operates two principal subsidiaries, APO Cement Corp. and Solid Cement Corp. Both companies are engaged in the manufacture, marketing, distribution, and sale of cement and other building materials in the Philippines. — Sheldeen Joy Talavera
