PHINMA Corp. said it has signed the share purchase agreement for the acquisition of Petra Cement Inc. in Mindanao.
The agreement, signed by PHINMA unit Philcement Corp., entails the company paying P500 million to buy the whole Petra Cement through another unit, Philcement Mindanao Corp., that will be closed by the end of the year.
“This is aligned with Philcement’s growth strategy and its promise to assure Filipino consumers with reliable, high quality supply of cement products under its legacy brand, Union Cement,” PHINMA said.
Earlier, PHINMA said its acquisition of Petra Cement’s plant in Zamboanga del Norte is an opportunity to serve the needs of Northern Mindanao.
In January, Philcement signed a manufacturing and sale agreement with Petra Cement to enable the former to operate the latter’s cement plant, and to manufacture and produce, distribute and sell cement products.
