Phinma, Anflocor team up for a new cement factory
MANILA, Philippines — The Del Rosario and Floirendo families are working together to build a cement manufacturing plant in Davao del Norte, which is set to become operational by 2026.
On Tuesday, Phinma Corp. announced its subsidiary Philcement Corp. had inked a joint venture agreement with Anflo Group’s management and investment company Anflocor.
The project will be undertaken by Philcement Mindanao Corp., which is 70 percent owned by Philcement Corp. Anflocor holds the remaining stake.
The cement plant—designed with an annual production capacity of two million metric tons (MT)—is seen supporting infrastructure development and overall economic progress in the region.
READ: Phinma group sets P4.5-billion capex for 2024
“Construction materials are among the many essentials needed to a dignified life through housing and infrastructure,” Phinma construction materials group president and CEO Eduardo Sahagun said in a statement.
Focus on Mindanao
“This partnership, which is one of many with the Anflo Group, will enable us to improve the lives of many Mindanaoans,” Sahagun said.
This latest announcement comes just a few weeks after Philcement disclosed it would be taking over Mindanao-based Petra Cement Inc. The P500-million deal is expected to be closed by the end of the year.
READ: Phinma unit buying Petra Cement for P500M
Petra’s cement grinding facility, located in Zamboanga del Norte, has an annual capacity of 500,000 MT.
“Phinma is steadfast in its commitment to infrastructure development, with our business solutions designed to promote this,” Phinma chair and CEO Ramon del Rosario Jr. said.
Phinma Corp. owns 60 percent of Philcement Corp., which is engaged in the manufacture, importation, processing, distribution, and sale of cement products. It operates a cement processing facility in the Freeport Area of Bataan in Mariveles.
This year, parent company Phinma Corp. earmarked P4.48 billion for capital expenditures, which will be financed via debt and equity infusion.
The conglomerate’s other interests include education, steel products, hospitality, and property.
Phinma saw its net income in the first quarter improve by nearly one percent to P229.57 million from P227.37 million a year ago on the back of robust growth in its education business.
