Mexico-based concrete and building materials company Cemex has announced the completion of its previously disclosed divestment of operations in the Philippines. The transaction is part of the company’s strategy to exit select markets and refocus on more profitable regions.
The sale, executed through agreements with DACON Corp, DMCI Holdings, and Semirara Mining & Power Corporation, generated a total consideration of approximately US$800m.
As part of the deal, Cemex Asia sold its 100 per cent stake in Cemex Asian South East Corp (CASEC) for US$272m. CASEC held an 89.86 per cent interest in Cemex Holdings Philippines (CHP), the owner of key subsidiaries managing cement production, sales and distribution in the Philippines.
Additionally, a buyer acquired a 100 per cent stake in Apo Land & Quarry Corp (ALQC) for US$43m, with 40 per cent of the proceeds allocated to Cemex Asia via its indirect ownership. A separate transaction involved the sale of Island Quarry and Aggregates Corporation (IQAC) for US$98 million, with 40 per cent of this amount also corresponding to Cemex Asia.
The buyers assumed approximately US$387m in financial debt from CHP, and the final proceeds remain subject to customary post-closing price adjustments, according to Cemex’s filing with the Mexican Stock Exchange (BMV).
This divestment underscores Cemex’s ongoing efforts to streamline its global portfolio and prioritise markets with stronger profit potential.
