Cement processing terminal to rise in Bataan
A cement processing terminal will rise in Bataan before the year ends, according to listed Phinma Corp.
In a disclosure on Friday, Phinma said its subsidiary Philcement Corp. infused an P800-million investment to acquire a cement terminal port in the province.
Philcement signed an agreement with Seasia Nectar Port Services Inc. for the takeover of port facilities and land currently under lease by Philcement for its Bataan cement processing terminal.
The cement processing terminal and its port facilities are expected to be functional by the fourth quarter of 2019 and will be used exclusively by Philcement.
With more control over the Bataan facility, Phinma’s re-entry into the Philippine cement industry is strengthened further.
“This new agreement and additional investment will be a meaningful part of Phinma’s strategy to provide cost-efficient and reliable supply of construction materials to our customers,” Philcement President and Chief Executive Officer Eduardo Sahagun said.
Phinma is using Philcement as its vehicle for its cement industry comeback in a move to contribute significantly to the growing demand for reliable and quality cement and construction materials in the Philippines.
According to the Cement Manufacturers’ Association of the Philippines, cement demand is expected to reach 52 million metric tons by 2025 because of the government’s Build, Build, Build program.
Philcement currently sells and distributes cement to select areas under the brands Union Cement Ultra and Union Cement Super.
Earlier, Phinma announced it invested in Vietnam-based Song Lam Cement Joint Stock Co. through the acquisition of preferred shares worth $50 million (P2.60 billion).
Phinma is a holding firm with investments in education, property development and hospitality.