PUBLICLY listed Cemex Holdings Philippines Inc. (CHP) on Thursday said it has invested $235 million (about P12.7 billion) for the expansion of the facilities of its unit Solid Cement Corp. in Antipolo.
The company said the investments it made for the unit was for the expanded and new integrated cement-production line.
The company said it has entered a project agreement with CBMI Construction Co. Ltd. of China for the procurement, construction and installation of the 1.5 million metric tons per year for the integrated cement production line at Solid’s cement plant. “Upon completion, it is expected this new line will represent a 26-percent increase in CHP’s cement capacity in the Philippines,” the company said.
The company said the new line will start operations by the fourth quarter of 2020.
The investment for the new line may be sourced from either its free cash flow, debt from any subsidiary of Cemex SAB de CV, the ultimate parent company, debt from one or more financial institutions and proceeds from one or more capital market transactions.