LafargeHolcim could seek up to US$2.5bn for its Philippines business

Shares of Holcim Philippines have been rising steeply as LafargeHolcim is believed to be considering the sale of its Philippines business unit to further reduce group debt.

LafargeHolcim is undergoing a strategic review of its southeast Asian operations following the sale of its Indonesian business. The company could seek a value of US$2.5bn for the assets it holds in the Philippines, according to Bloomberg.

LafargeHolcim's CEO, Jan Jenisch, said in May that the company’s southeast Asia business has been "a bit more challenging" amid price pressure in markets such as the Philippines and Malaysia.

The company has four integrated cement plants and a grinding plant in the Philippines and is currently expanding the Davao plant.