DMCI Holdings, Inc. expects to complete its acquisition of Cemex Holdings Philippines, Inc. (CHP) by the end of November, according to a company official.

DMCI Holdings Executive Vice-President and Chief Financial Officer Herbert M. Consunji told reporters at a media gathering in Makati City late Tuesday that the company is awaiting a fairness opinion on its acquisition of CHP, the country’s fourth-largest cement producer.

“We anticipate no problems. At least we have the Philippine Competition Commission’s (PCC) approval. That is the biggest hurdle,” Mr. Consunji said.

Last month, the PCC approved DMCI Holdings’ acquisition of CHP.

Mr. Consunji also confirmed that CHP will remain listed on the stock exchange even after the acquisition is completed.

“We want them (investors) to stay. It is better to be listed,” Mr. Consunji said.

In April, DMCI, Semirara Mining and Power Corp. (SMPC), and Dacon Corp. announced the acquisition of CHP for $305.6 million under a share purchase agreement to expand the conglomerate’s portfolio.

DMCI bought the entire shares of Cemex Asia B.V. in Cemex Asian South East Corp. (CASEC), the majority owner of CHP with an 89.96% equity interest. DMCI will acquire a 56.75% stake in CASEC, Dacon will secure 32.12%, and SMPC will purchase the remaining 11.13%.

Dacon has been appointed as the bidder for the mandatory tender offer to acquire the remaining 10.14% of the total issued and outstanding capital stock of CHP.

Mr. Consunji also confirmed to reporters that he will lead CHP as the company aims for a turnaround by next year.

“We believe in local talent,” Mr. Consunji said.

In May, DMCI Chairman and President Isidro A. Consunji said the financial performance of CHP is expected to rebound by next year, led by stronger demand and the government’s infrastructure program.

The acquisition of CHP is DMCI’s “largest investment to date and first acquisition in a decade.”

CHP operates two principal subsidiaries, APO Cement Corp. and Solid Cement Corp. Both companies are engaged in the manufacture, marketing, distribution, and sale of cement and other building materials in the Philippines.

On Wednesday, DMCI shares climbed by 0.86% or 10 centavos to P11.70 apiece while CHP stocks fell by 1.64% or three centavos to P1.80 per share. — Revin Mikhael D. Ochave