PHINMA Corporation’s (“PHN”) subsidiary, Philcement Corporation (“Philcement”) signed today a Share Purchase Agreement with Petra Cement, Inc. (“Petra”). Philcement Mindanao Corporation, a subsidiary of Philcement, will pay a consideration of Php 500 million in exchange for 100% of the outstanding shares of Petra. The transaction is expected to be closed by December 31, 2024.

This follows our previous disclosure dated January 12, 2024, on the signing of a Manufacturing and Sale Agreement between Philcement and Petra to enable Philcement to operate the Petra Plant, and to manufacture and produce, distribute and sell cement products. The Petra Plant is located in President Manuel A. Roxas, Zamboanga del Norte.

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.

Philcement Corporation, a 60% owned subsidiary of PHINMA Corporation, is engaged in the manufacture, importation, processing, distribution, and sale of cement products. It currently operates a cement processing facility in the Freeport Area of Bataan in Mariveles.

Philcement Mindanao Corporation is a 70% owned subsidiary of Philcement Corporation.

Tags: Eduardo A. Sahagun, EJ Qua Hiansen, Paul Tan-chi, Petra Cement, Philcement Corporation, PHINMA Construction Materials Group, PHINMA Corporation