Cemex announced today that its subsidiary, Cemex Asia B.V., has signed an agreement with DACON Corporation, DMCI Holdings, Inc. and Seminara Mining & Power Corporation for the sale of its operations and assets in the Philippines. Once closed, this transaction will further advance Cemex's portfolio rebalancing strategy.
The assets to be sold by Cemex Asia B.V. consist of 100% equity interest in Cemex Asian South East Corporation, which owns approximately 89% of Cemex Holdings Philippines, Inc. ("CHP"), which is listed on the Philippine Stock Exchange, Inc., for a purchase price resulting from deducting from an enterprise value of US$660 million the net debt and the 10.14% minority interest in CHP. CHP is the owner of Cemex's main operating subsidiaries in the Philippines, APO Cement Corporation and Solid Cement Corporation, which are engaged in the production, sale, and distribution of cement and other buildings materials in the Philippines.
The assets to be sold by Cemex Asia B.V. also consist of 40% indirect equity interest in each of APO Land & Quarry Corporation ("ALQC") and Island Quarry and Aggregates Corporation ("IQAC"), for a purchase price to be paid to Cemex of 40% of an aggregate enterprise value of US$140 million.