PHINMA Corp. said on Thursday that it had secured the nod of the Securities and Exchange Commission (SEC) for the incorporation of PhilCement Corp., a new firm to hold its expanded cement business.
“Disclosure is updated today to indicate SEC approval for the incorporation of the new company,” Phinma said in a filing to the Philippine Stock Exchange.
“The investment in the cement company 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 added.
Earlier, the listed holding firm announced it was setting aside P210 million to invest in 60-percent ownership of a new cement firm.
On September 23, Phinma made an initial investment of P37.5 million in PhilCement. The amount represents 25 percent of a P150-million subscription covering 15 million shares with par value of P10 apiece.
“The shares represent 85.7 percent of total shares subscribed. This is an initial subscription,” Phinma said.
PhilCement will engage in the processing, marketing, import, trading, selling, and distribution of cement, cement products, and other by-products.
“The investment likewise presents opportunities for synergy between the new company and Phinma’s other subsidiaries,” the company said.
Phinma Corp. has interests 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.)