Sumitomo Osaka back in Phl, acquires 15% stake in Philcement

The cement manufacturer of Phinma Corp. has signed an agreement to sell a 15-percent stake to Sumitomo Osaka Cement Co. Ltd., a Japanese investor with a longstanding engagement in the Philippine cement industry.

- By ELIJAH FELICE ROSALES

Phinma unit Philcement Corp. yesterday said it has entered into a share subscription agreement with Sumitomo Osaka, one of the oldest cement makers in Japan.

This marks the return of Sumitomo Osaka in the Philippines after a two-year hiatus since giving up its 9.22-percent share in the now-delisted Holcim Philippines Inc.

"The agreement relates to (Sumitomo Osaka's) acquisition of 15 percent of Philcement through the issuance of primary shares. The transaction will be closed before the end of the year, subject to the satisfaction of closing conditions," Phinma said.