Holcim PH off the auction block
Following the collapse of a $2.15-billion takeover bid by San Miguel Corp., the country’s leading cement-maker Holcim Philippines Inc. (HPI) is unlikely to return to the auction block anytime soon.
Instead, HPI is now making long-term plans to expand its capacity in the Philippines while remaining part of the LaFarge Holcim global group.
“In May 2020, the agreement between Top Frontier (parent firm of San Miguel) and LaFargeHolcim lapsed without approval of the PCC (Philippine Competition Commission), therefore HPI will remain with the major shareholder of LafargeHolcim and we will grow with the company and with the country,” HPI chief executive officer John Stull said in reply to a shareholder’s query in an annual meeting on Wednesday.
During the question and answer portion of the stockholders meeting, the very first query was whether the LaFarge Group still intended to divest its stake in HPI.
“We are very pleased to know that we are no longer in the sales process and we’re very excited about the future working with one of the largest and most successful companies in the building material sector and we’re happy to remain part of the group,” he said.
Stull added that HPI was now making long-term plans to boost the capacity of its manufacturing plants in Luzon and Mindanao.
“We believe that Philippines is a great opportunity for investment,” he said.
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