As part of the restructuring, the country’s No. 4 cement maker also amended its bylaws to expand its board from eight to nine members.
“The proposed amendment…is made due to the change of control in the beneficial owner of the principal stockholder of CHP, Cemex Asian South East Corp,” the company said, referring to the previous controlling stockholder.
Meanwhile, tycoon Isidro Consunji and Herbert Consunji are leading the turnaround of the cement business following their P16 billion acquisition of the cement giant.
Isidro, DMCI’s chair, president, and CEO, chairs Cemex Philippines, while Herbert, DMCI’s chief finance officer, stepped in as president and CEO.
The $272-million purchase, lower than the initial $305.6 million valuation, expands DMCI’s ecosystem by ensuring steady demand for its coal, power, fly ash, and cement products.
The cement firm, which owns APO Cement and Solid Cement, currently produces 5.7 million tons of cement annually, with an expected increase to 7.2 million tons by 2025 upon the completion of Solid Cement’s expansion.
