Cemex Holdings Corp. tapped CBMI Construction Co. Ltd. of China to construct a $235-million cement manufacturing plant in Antipolo City, Rizal.
Cemex said in a disclosure to the stock exchange subsidiary cement manufacturing plant signed principal project agreements with CBMI Construction Co. for the procurement, construction and installation of the 1.5-million-metric-ton-per-year integrated cement production line at Solid’s cement plant in Rizal.
Upon completion, the plant will increase Cemex Holdings’ production capacity in the Philippines by 26 percent. Cemex Holdings expects the new line to start operations by the fourth quarter of 2020.
Cemex said funding for this project would be sourced from free cash flow, debt from any subsidiary of parent company, debt from one or more financial institutions and/or proceeds from one or more capital market transactions.
The cement firm reported a net loss of P635 million in the second quarter, a sharp reversal of the P136-million profit it declared in the same period last year on higher income tax expense.
Net sales in the second quarter climbed 6 percent to P5.98 billion from P5.62 billon in the same period last year, as cement volumes continued to grow behind strong demand and improvements in production and dispatch.
