Consunji moves closer to Cemex PH takeover, secures OK for P10-B financial boost

Conglomerate DMCI Holdings Inc. on Tuesday completed a key step in its bid to purchase the country’s fourth largest cement maker, Cemex Philippines, for about P17.3 billion.

During a special stockholders’ meeting on Tuesday, DMCI secured the approval of shareholders to raise about P10 billion from the sale of preferred shares to the Consunji family’s privately-held Dacon Corp.

DMCI chair, president and CEO Isidro Consunji said during the meeting on Tuesday the transaction will not dilute voting rights of shareholders holding common shares, and will strengthen the company’s balance sheet.

He added that DMCI will maintain its policy of paying out dividends equivalent to 25 percent of the past year's core earnings. 

The group is also set to launch a buyout offer to minority stockholders of Cemex Philippines from Oct. 23 through Nov. 21 this year. The tender offer price is estimated at P1.42 each, which is a discount to the company’s current price of P1.51 per share.

After the purchase, the Consunji family intends to keep Cemex Philippines listed on the Philippine Stock Exchange.

DMCI provides updates on the acquisition and integration of Cemex Philippines./Image taken from DMCI special stockholders' meeting on Oct. 15, 2024. 
About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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