Cemex acquisition done before 2025

The Consunji Group is targeting to close the acquisition of Cemex Holdings Philippines Inc. before the year ends so it can start ushering the cement maker into its recovery phase.

- By ELIJAH FELICE ROSALES

DMCI Holdings Inc. yesterday announced it has received affirmation from 77.29 percent of its investors, representing 10.26 billion shares, to proceed with the issuance of 10 million Class B preferred shares to Dacon Corp.

The shares - to be issued by way of private placement - is valued at P1,000 a piece, amounting to P10 billion, and are payable in a single lump sum or by installment.

The condition, however, is that the payment has to be made no later than the closing date for the purchase of a controlling stake in Cemex Asian South East Corp. (CASEC), the majority owner of Cemex. The Consunjis are acquiring 56.75 percent of CASEC.