PHINMA Corp. on Tuesday said it is investing up to P210 million in a new cement company.
In a regulatory filing, Phinma said its board of directors approved the investment of up to P210 million for a 60% stake in a yet to be incorporated cement firm.
“The final amount of investment shall be determined by the estimated project cost and the investment by the strategic partners,” it said.
Phinma said the new 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. The investment likewise presents opportunities for synergy between the new company and Phinma’s other subsidiaries,” it added.
The new company will be involved in processing, marketing, importing, selling and distributing cement products in the country.
For the first half of 2017, Phinma saw its net income attributable to equity holders of the parent plunge to P1.3 million from P168.4 million during the same period a year ago.
The listed company is involved in manufacturing and distribution of steel products through Union Galvasteel Corp., education through Phinma Education Holdings, Inc., business research through Fuld & Company., and real estate through P&S Holdings Corp.
