Cement giant Holcim Philippines Inc. on Tuesday finally sealed the acquisition of some P3.095 billion in assets of Lafarge Republic Inc., in a bid to stock up Lafarge within the company for synergies in line with the global merger of two largest cement manufacturers.
In a series of disclosures filed to the stock exchange, Holcim said that the firm — together with its unit Holcim Mining and Development Corp. — would execute the acquisition of its eyed assets and subsidiaries of Lafarge.
The purchased entities included the 100 percent of Lafarge Republic Aggregates Inc. (LRAI) and Quimson Limestones Inc.; 40 percent interests in Sigma Cee Mining Corp. and APC Properties Inc.; as well as the Star Terminal based in Harbor Center Manila, and other parcels of land located in Pinagtulayan, Bulacan.
Due to the consummation of the deal, the trading of Holcim shares was suspended as of 9:00 am August 4 with no notice of when it will resume, in order to give shareholders time to assess the deal.
LRAI is manufacturing rock, stone, cement and other minerals, while Quimson is engaged in quarrying limestone and other minerals, Sigma Cee is involved in land exploration and mining activities, and APC Properties is a holding firm.
The Lafarge assets sell-off is a consequence the merger plans of the two global cement firms — Paris-based Lafarge SA and Switzerland-based Holcim Limited — which will create the largest cement manufacturer in the world.