The Consunji family’s DMCI Holdings laid out a turnaround plan for cement arm Concreat Holdings Philippines (formerly Cemex Holdings Philippines), detailing steps aimed at restoring profitability within three years.
The Consunji Group completed its buyout offer to stockholders of Cemex Holdings Philippines, with less than 1 percent of minority shareholders selling their shares, ensuring the cement giant remains compliant with public ownership rules and avoids delisting from the Philippine Stock Exchange.
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.
The Consunji Group, through Dacon Corp., is set to launch a tender offer for Cemex Holdings Philippines at P1.42 per share, starting on Oct. 23 until Nov. 21 this year.
The Consunji Group has received approval from the Philippine Competition Commission to acquire Cemex Holdings Philippines, moving the group closer to acquiring the country’s fourth-largest cement company by the end of 2024.
The Consunji Group wants to start strong with its P17.6 billion takeover of Cemex Philippines, deciding to keep the APO and Rizal cement brands with long years of industry presence.