Tycoon Consunji To Buy Cemex's Philippine Cement Business For $305.6 Million [Forbes]
DMCI HOLDING UNSP/ADR (DMCHY)
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Source: Forbes
, and two other companies controlled by Filipino tycoon agreed to buy the Philippine cement business of Mexico's Cemex for $305.6 million as the property and mining conglomerate seeks to tap the construction boom in the country. Under the deal, announced this week, Consunji listed flagship DMCI, its shareholder Dacon Corp and unit Semirara Mining and Power will buy Cemex Asia South East Corp, which owns about 89.9% of Manila-listed “Cement manufacturing will be a good addition to our business portfolio,” Consunji, chairman of DMCI, Dacon and Semirara, said in a . “We can leverage our group's expertise and create new revenue streams from this acquisition.” DMCI—which started as a construction company founded by Isidro's father, David Consunji, in 1954—has been diversifying in recent years and currently has interests in real estate, mining, power and water utility. The Cemex deal is expected to close by the end of the year, subject to regulatory approvals and completion of a ma
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