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Cemex to divest its operations in the Philippines

Cebu-Cordova Link Expressway, Philippines

Posted on April 29, 2024

Cemex announced today that its subsidiary, Cemex Asia B.V., has signed an agreement with DACON Corporation, DMCI Holdings, Inc. and Semirara Mining & Power Corporation for the sale of its operations and assets in the Philippines. Once closed, this transaction will further advance Cemex’s portfolio rebalancing strategy. The assets to be sold by Cemex Asia B.V. consist of a:

  1. 100% equity interest in Cemex Asian South East Corporation, which owns approximately 89% of Cemex Holdings Philippines, Inc. (“CHP”), which is listed on the Philippine Stock Exchange, Inc., for a purchase price resulting from deducting from an enterprise value of US$660 million the net debt and the 10.14% minority interest in CHP. CHP is the owner of Cemex’s main operating subsidiaries in the Philippines, APO Cement Corporation and Solid Cement Corporation, which are engaged in the production, sale, and distribution of cement and other buildings materials in the Philippines; and
  2. 40% indirect equity interest in each of APO Land & Quarry Corporation (“ALQC”) and Island Quarry and Aggregates Corporation (“IQAC”), for a purchase price to be paid to Cemex of 40% of an aggregate enterprise value of US$140 million.

Cemex currently expects to finalize this transaction before year-end 2024, subject to the satisfaction of closing conditions, including, but not limited to, the approval by the Philippine Competition Commission and the fulfillment of any mandatory tender offer requirement by the purchasers to the shareholders of CHP, including the approximate 10.14% minority interest owned by third parties in CHP.

Pending the closing of the transaction, Cemex’s operations and business in the Philippines will continue in the ordinary course attending to all clients, suppliers, and other stakeholders.

Proceeds from this divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, reduce debt, and for other corporate purposes.

Lazard Frères & Co. LLC and UBS AG Singapore Branch provided financial advice to Cemex.

About Cemex

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit:


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