LISTED company Lafarge Republic Inc. (LRI) is selling all of its equities in Lafarge Cement Services (Philippines) Inc. (LCSPI) for P106 million.
The company disclosed on Thursday that it has just executed an agreement with CRH Aboitiz Holdings Inc. (CRH Aboitiz) for the sale of its 33,000 shares of stock in the cement company. These comprise 30 percent of LCSPI’s outstanding capital stock.
LRI’s investment in such shares constituted only less than 1 percent of its total consolidated assets.
Prior to this share-sale transaction, Columbayan Holdings Inc. and Lafarge Holdings (Philippines) Inc. had already sold their respective 30-percent and 40-percent shareholdings in LCSPI to CHR Aboitiz at an undisclosed price.
As one of the major part of Lafarge’s Philippine cement operations, LCSPI has vast experience in directing, managing and providing management services to, businesses engaged in cement production and distribution, and related activities. It has the resources, technical and operational skills and expertise to provide management services.
Incorporated in 1955, LRI is mainly involved in the manufacture, development, exploitation and sale of cement, marble and all other kinds and classes of building materials, and the processing or manufacture of materials for any industrial or commercial purposes.
The company’s plants are in Bulacan, Batangas, Rizal and Cebu. Subsidiaries include Fortune Cement Corp., Lafarge Iligan Inc., Lafarge Mindanao Inc., FR Cement Corp. and Lloyds Richfield Industrial Corp. Roderick L. Abad
For the first half of this year, LRI and its units recorded a consolidated profit of P2 billion compared to P2.2 billion posted during the same period last year.
Net sales grew by nine percent due to higher volume sold offset by a decline in average selling price.