Cemex S.A.B. de C.V. (NYSE: CX), a prominent player in the global building materials industry with annual revenue of $17.2 billion, has finalized the sale of its operations in the Philippines.
The transaction, which was announced to the Mexican Stock Exchange, involved a total consideration of approximately $800 million.
The sale was executed through separate agreements with DACON Corporation, DMCI Holdings, Inc., and Semirara Mining & Power Corporation. Cemex Asia B.V., a subsidiary of Cemex, divested its entire equity interest in Cemex Asian South East Corporation (CASEC) for $272 million. Additionally, the buyers acquired 100% interests in Apo Land & Quarry Corporation (ALQC) and Island Quarry and Aggregates Corporation (IQAC) for $43 million and $98 million, respectively. Notably, Cemex Asia held indirect equity interests of 40% in both ALQC and IQAC.
The buyers are also taking on approximately $387 million of financial debt from Cemex Holdings Philippines, Inc. (CHP), which is the entity that owned Cemex's former main operating subsidiaries in the Philippines. These subsidiaries were engaged in the production, sale, and distribution of cement and other building materials. CHP is listed on the Philippine Stock Exchange, and CASEC owns an approximate 89.86% interest in it. ALQC and IQAC have been the primary suppliers of raw materials for Cemex's operations in the Philippines.
The news above is based on an SEC filing.
In other recent news, CEMEX, a global building materials company, announced the payment of the third installment of its declared cash dividend for 2024, amounting to USD $30 million. This payout is a part of a larger dividend totaling USD $120 million, which is being distributed in four equal installments.
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