Isidro Consunji —CONTRIBUTED
MANILA, Philippines — Consunji family-led DMCI Holdings Inc., Dacon Corp. and Semirara Mining and Power Corp. will acquire Cemex Asian South East Corp. (Casec) for $305.6 million in a bid to expand to cement manufacturing and generate more revenues.
In a stock exchange filing on Thursday, the Consunji companies confirmed they had signed a share purchase agreement with Cemex Asia BV to acquire all 42.14 million of the latter’s shares in Casec.
Of this, DMCI will acquire 56.75 percent (23.92 million shares); Dacon, 32.12 percent (13.54 million shares); and Semirara, 11.13 percent (4.69 million shares).
READ: Consunji’s DMCI in talks to acquire Cemex Philippines
Casec owns 89.86 percent of Cemex Holdings Philippines Inc., the country’s fourth-largest cement manufacturer. Cemex Philippines’ shares rallied by 15.85 percent to P1.90 as investors anticipated news of the deal.
Strategic addition to portfolio
“Cement manufacturing will be a good, strategic addition to our business portfolio. We can leverage our group’s expertise and create new revenue streams from this acquisition,” said Isidro Consunji, chair of DMCI, Dacon, and Semirara.
According to the companies, the price is still subject to “customary closing adjustments” based on Cemex Philippines’ estimated working capital, cash, and debt levels.
The transaction is expected to close within the year, they said.
Coal, one of the core businesses of Semirara, is used in cement making as a source of heat.
Cemex Philippines last year widened its net loss to P2 billion from P1 billion in 2022 as its operating expenses rose.