PHINMA Corp. is partnering with Floriendo-led Anflo Group Management and Investment Corp. (Anflocor) for a cement manufacturing plant in Davao del Norte.
PHINMA has signed a share purchase agreement for the acquisition of Petra Cement Inc. in Mindanao, which owns a cement manufacturing plant in Zamboanga del Norte.
PHINMA said it is represented by unit Philcement Corp. in the Anflocor joint-venture, which signed on the mother company’s behalf.
The venture will be under another unit, Philcement Mindanao Corp., a 70 percent owned subsidiary of Philcement Corp. The Floirendo-led Anflocor will own the remaining 30 percent of Philcement Mindanao.
“The partnership of the two esteemed groups will guarantee the availability of quality cement to support the development of Mindanao. PHINMA and Anflo Group have been present in the Davao region since the 1960s and 1950s, respectively, and remain true to their commitment to uplift the lives of the people of Mindanao,” it said.
