THE SM Group’s BDO Unibank has signed an agreement to provide a $280-million term loan for Cemex Holdings Philippines Inc. (CHP) in support of the business prospects and positive long-term outlook of the cement firm.
“We’ve been together from the boom of the cement industry, to the bust and then to the boom again. We are happy that Cemex has once again chosen BDO to be its partner,” Walter Wassmer, senior executive vice president of BDO, said in a statement on Monday.
For his part, CHP President Pedro Jose Palomino said they appreciate the support BDO has extended to the cement firm.
“We are pleased with the help and relationship,” he said.
CHP said the continued growth trend shown by its subsidiaries, Apo Cement and Solid Cement, has made its Philippine operations the most profitable in the Asian region.
CHP launched a very successful initial public offering last year where a total of 2.3 million shares were subscribed at a price of P10.75 per share, giving the company roughly P25 billion in IPO proceeds. billion in IPO proceeds.