{"id":18856,"date":"2024-05-22T03:02:08","date_gmt":"2024-05-22T03:02:08","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/phinma-corp-to-acquire-petra-cement-for-p500-million\/"},"modified":"2024-05-22T03:02:08","modified_gmt":"2024-05-22T03:02:08","slug":"phinma-corp-to-acquire-petra-cement-for-p500-million","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/phinma-corp-to-acquire-petra-cement-for-p500-million\/","title":{"rendered":"PHINMA Corp. to acquire Petra Cement for P500 million"},"content":{"rendered":"
\n

LISTED conglomerate PHINMA Corp. said it will acquire cement manufacturer Petra Cement, Inc. for P500 million to strengthen its cement business.<\/span><\/p>\n

The conglomerate, through its subsidiary Philcement Corp., signed a share purchase deal on May 20 with Petra Cement, PHINMA Corp. said in a stock exchange disclosure on Tuesday.<\/span><\/p>\n

\u00a0\u201cPhilcement Mindanao Corp., a subsidiary of Philcement, will pay a consideration of P500 million in exchange for 100% of the outstanding shares of Petra Cement,\u201d PHINMA Corp. said.<\/span><\/p>\n

The transaction is expected to be closed by Dec. 31.<\/span><\/p>\n

\u00a0The acquisition follows the manufacturing and sale agreement signed by Philcement and Petra Cement on Jan. 11.<\/p>\n

\u00a0Philcement will operate Petra Cement\u2019s plant in President Manuel A. Roxas, Zamboanga del Norte.<\/p>\n

The agreement also covers the production, distribution, and retail of cement products.<\/p>\n

\u00a0The plant has a cement grinding facility with a capacity of 500,000 metric tons per annum that caters to the Northern Mindanao market.<\/span><\/p>\n

\u00a0\u201cThis is aligned with Philcement\u2019s growth strategy and its promise to assure Filipino consumers with reliable, high quality supply of cement products under its legacy brand, Union Cement,\u201d PHINMA Corp. said.<\/p>\n

\u00a0Philcement is a 60% owned unit of PHINMA Corp. It has business interests in the production, importation, processing, distribution, and sale of cement products. It currently operates a cement processing facility in the Freeport Area of Bataan in Mariveles.<\/span><\/p>\n

\u00a0Philcement Mindanao is a 70% owned subsidiary of Philcement.<\/p>\n

\u00a0For the first quarter, PHINMA Corp. saw a 1.2% increase in its net income to P490.53 million as consolidated revenue surged by 14% to P5.45 billion led by its education business.<\/p>\n

\u00a0PHINMA Corp. shares rose by 1.49% or 30 centavos to P20.45 each on Tuesday. \u2014 Revin Mikhael D. Ochave<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

LISTED conglomerate PHINMA Corp. said it will acquire cement manufacturer Petra Cement, Inc. for P500 million to strengthen its cement business. The conglomerate, through its subsidiary Philcement Corp., signed a share purchase deal on May 20 with Petra Cement, PHINMA Corp. said in a stock exchange disclosure on Tuesday. \u00a0\u201cPhilcement Mindanao Corp., a subsidiary of [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18002,14644,16835,14133,168,1125,2641,18001,16640],"class_list":["post-18856","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-acquire","tag-bworldonline","tag-cement","tag-corp","tag-for","tag-million","tag-p500","tag-petra","tag-phinma"],"yoast_head":"\nPHINMA Corp. to acquire Petra Cement for P500 million - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/phinma-corp-to-acquire-petra-cement-for-p500-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PHINMA Corp. to acquire Petra Cement for P500 million - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"LISTED conglomerate PHINMA Corp. said it will acquire cement manufacturer Petra Cement, Inc. for P500 million to strengthen its cement business. 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