CONGLOMERATE San Miguel Corp. (SMC) expects to secure clearance by the Philippine Competition Commission (PCC) of its acquisition of an 85.7-percent stake in Holcim Philippines Inc.
“I am confident. In the eyes of the public, including Trade Secretary Ramon Lopez, many commented that it’s good that a Filipino company bought it,” said SMC President Ramon Ang after the annual stockholders’ meeting of Petron Corp.
SMC, via First Stronghold Cement Industries, will buy 5.53 billion common shares of Holcim’s local arm from entities controlled by LafargeHolcim Ltd., Europe’s largest cement maker.
“Holcim has less than 20 percent of the market share. That’s small, so I don’t think it will be a problem,” Ang said.
“By the way, did you know that 35 percent of cement being sold in the Philippines today is imported? The major players in the Philippines are Holcim, Cemex, Lafarge-CRH, Taiyo and a Taiwanese [company]. All foreigners. Don’t you like that a Filipino firm bought it?” Ang added.
The sale of Holcim is part of a broader strategic review of LafargeHolcim’s Southeast Asia operations following the sale of its Indonesia business.