Phinma Corp set to invest in Vietnam's Song Lam Cement

Philippine-based Phinma Corp is set to invest in Vietnam’s Song Lam Cement JSC through the acquisition of preferred shares worth PHP2.6bn (US$50m). Song Lam will now become a major supplier of PhilCement Corp, which is 60 per cent owned by Phinma, according to a company disclosure.

Following the investment, Phinma will be entitled to nominate one member of Song Lam’s board of directors and the chief financial officer of the company.

In the 1H19 Phinma saw its consolidated net income increase by nearly 17 per cent to PHP100.11m from PHP85.65m in the same period of 2018. Consolidated revenues advanced by 26.2 per cent YoY to PHP5.64bn from PHP4.47bn.