Philippines-based PHINMA Corp announced it will acquire Petra Cement Inc for PHP500m (US$8.6m).

The conglomerate signed a purchase agreement through its subsidiary Philcement Corp on 20 May, it said in a stock exchange disclosure.

"This is aligned with Philcement's growth strategy and its promise to assure Filipino consumers with reliable, high quality supply of cement products under its legacy brand, Union Cement," PHINMA Corp. said.

The acquisition follows the manufacturing and sale agreement signed by Philcement and Petra Cement on 11 January. Philcement, in which PHINMA Corp has a 60 per cent, will operate Petra Cement’s 0.5Mta plant in Zamboanga del Norte. The plant serves the northern Mindanao market.