DMCI Holdings Inc. said Wednesday the Philippine Competition Commission (PCC) approved its $305.6-million acquisition of Cemex Holdings Philippines Inc. (CHP).
DMCI said in a disclosure to the Philippine Stock Exchange the PCC cleared the joint acquisition by the group, its parent firm Dacon Corp. and subsidiary Semirara Mining and Power Corp. of 100-percent shares of stock in Cemex Asian South East Corp. (CASEC) from Cemex Asia B.V.
CASEC owns 89.86 percent CHP, which primarily sells gray ordinary Portland cement, masonry or mortar cement and blended cement. The PCC approval is one of the conditions precedents to, and a regulatory requirement necessary before, finalizing the joint acquisition.
CHP is the country’s fourth-largest cement manufacturer. It is in the process of constructing a 1.5-million-ton integrated cement production line at its Solid Plant in Antipolo, Rizal.
