Phinma re-entering cement business
Investment holding firm Phinma Corp. is investing as much as P210 million in a cement venture
Phinma said it was taking a 60 percent stake in a yet to be incorporated cement firm, marking its return to this sector.
The group exited the business in 2004 with the sale of its 51 percent interest in Union Cement Holdings Corp. to Cemco Holdings for $214 million.
Phinma said the investment “presents significant opportunities and potential to increase shareholder value.”
“The final amount of investment shall be determined by the estimated project cost and the investment by the strategic partners,” Phinma said in a stock exchange filing.
“The business shall build on the management and technical expertise of Phinma as well as its years of experience in the cement industry. The investment likewise presents opportunities for synergy between the new company and Phinma’s other subsidiaries,” the company added.