Republic Cement Corp, majority owned by Lafarge said Friday its board has
approved to fully acquire Lafarge’s Continental Operating Corp which will
increase its total cement capacity to 8.5Mta of clinker a year, the largest
in the Philippines. Continental operates cement plants in neighboring
provinces of Manila.
Aside from its own plant, Republic Cement owns stakes in several other
cement companies, which prior to the acquisition already formed the
second-largest cement group in the Philippines. Republic Cement said it
will finance the purchase with 10-year convertible loan notes that will have
a face value of 1.35 billion pesos ($1=PHP56.14) and carry an interest rate
of 8% a year.
