SEC OKs incorporation of PHINMA cement unit
By Angelica Ballesteros
Manila Times
September 29, 2017
PHINMA Corp. said on Thursday that it had secured the nod of the
Securities and Exchange Commission (SEC) for the incorporation of
PhilCement Corp., a new firm to hold its expanded cement business.
“Disclosure is updated today to indicate SEC approval for the
incorporation of the new company,” Phinma said in a filing to the
Philippine Stock Exchange.
“The investment in the cement company presents significant
opportunities and potential to increase shareholder value. The business
shall build on the management and technical expertise of Phinma as well
as its years of experience in the cement industry,” it added.
Earlier, the listed holding firm announced it was setting aside P210
million to invest in 60-percent ownership of a new cement firm.
On September 23, PHINMA made an initial investment of P37.5 million
in PhilCement. The amount represents 25 percent of a P150-million
subscription covering 15 million shares with par value of P10 apiece.
“The shares represent 85.7 percent of total shares subscribed. This is an initial subscription,” Phinma said.
PhilCement
will engage in the processing, marketing, import, trading, selling, and
distribution of cement, cement products, and other by-products.
“The investment likewise presents opportunities for synergy between
the new company and Phinma’s other subsidiaries,” the company said.
Phinma Corp. has interests in manufacturing steel products (Union
Galvasteel Corp.); property (P&S Holdings Corp. and Asian Plaza
Inc.); education (PHINMAEducation Holdings Inc.), and energy (Phinma
Energy Corp.)