Phinma Corp., said it is buying the property where its cement terminal operates in Bataan for P800 million.
Phinma said the acquisition will be through its 60 percent-owned subsidiary Philcement Corp., (Philcement), which will take over the port facilities and land currently under lease by Philcement.
“This investment shall result in operational and cost efficiencies which align with Philcement’s commitment to assure Filipino consumers of reliable, high-quality supply of cement products under its legacy brand Union Cement,” Phinma said.
The cement processing terminal and its port facilities are expected to be functional by the latter part of this year and will be used exclusively by Philcement.
“With more control over the Bataan facility, Phinma’s re-entry into the Philippine cement industry is strengthened further,” it said.
“This new agreement and additional investment will be a meaningful part of PHINMA’s strategy to provide cost-efficient and reliable supply of construction materials to our customers,” said Eduardo Sahagun, Philcement president.
Philcement currently sells and distributes cement to select areas under the brands Union Cement Ultra (Type I Ordinary Portland Cement) and Union Cement Super (Type IP).
Phinma recently entered into an agreement to invest $50 million in preferred shares of Song Lam Cement Joint Stock Corp. , a subsidiary of The Vissai Group, the largest, privately owned cement manufacturers in Vietnam to help ensure supply reliability for the Philippines with both volume and quality assurance.