Years after PSE delisting, Holcim PH sold to China’s Huaxin

• Holcim’s exit from the Philippines is nearly complete, less than three years after the cement maker delisted from the Philippine Stock Exchange.
• The buyer is no newcomer. Huaxin is one of the world’s largest cement producers and has been expanding overseas through acquisitions as China’s domestic market slows.
• The deal hands control of one of the Philippines’ biggest cement makers to a new owner, reshaping competition with Concreat Holdings Philippines, Eagle Cement and Republic Cement.

One of the Philippines’ biggest cement producers is changing hands, with Swiss building materials giant Holcim agreeing to sell its local business to China’s Huaxin Building Materials in a deal valued at $807 million.

The deal will give the Chinese industrial giant control of Holcim Philippines, with Holcim exiting the business in stages over the next several years.

In a statement on its website, Holcim said it would initially sell a 67.623 percent stake for $527 million, with its remaining about 31 percent stake to be sold within three to five years for at least $280 million.

The transaction is subject to customary and regulatory approvals and is expected to close in the first half of 2027.

Miljan Gutovic

​Holcim Group CEO 

Chinese expansion

The acquisition marks Huaxin’s latest overseas expansion as the Chinese cement maker builds its international footprint through acquisitions, including Holcim’s Nigerian business last year.

Industry publication Global Cement ranks Huaxin as the world’s fifth-largest cement producer by installed capacity, underscoring the scale of the buyer entering the Philippine market.

Former market leader

Long regarded as the Philippines’ largest cement producer by market share, Holcim Philippines was taken private in 2023 after voluntarily delisting from the Philippine Stock Exchange.

The company remained one of the country’s dominant cement manufacturers, competing with Consunji-led Concreat Holdings Philippines, formerly CEMEX Philippines, San Miguel Corp.’s Eagle Cement and Aboitiz Group-backed Republic Cement.

Holcim’s delisting followed a mandatory tender offer after its public float fell below the exchange’s minimum requirement when Sumitomo Osaka Cement sold its stake to Holcim’s controlling shareholder. 

—Edited by Miguel R. Camus