LISTED holding firm Phinma Corp. said on Tuesday it is investing P210 million for a 60 percent stake in a new cement company that has yet to be incorporated.
Phinma told the Philippine Stock Exchange the investment presents significant opportunities and potential to increase shareholder value.
“The business shall build on the management and technical expertise of Phinma as well as its years of experience in the cement industry,” it said.
“The investment likewise presents opportunities for synergy between the new company and Phinma’s other subsidiaries,” it added.
Phinma shall subscribe to common shares as required by law and equivalent to its ownership.
Details of the acquisition, including the number of shares to be acquired as well as the purchase price, have yet to be finalized.
Likewise, the transaction is still subject to the Securities and Exchange Commission’s approval.
“The final amount of investment shall be determined by the estimated project cost and the investment by the strategic partners,” Phinma said.
Phinma is a holding company with investments in manufacturing steel products (Union Galvasteel Corp.); property (P&S Holdings Corp. and Asian Plaza Inc.); business process outsourcing (One Animate Limited); education (Phinma Education Holdings Inc.), and energy (Phinma Energy Corp.)