The Consunji family is renaming its newly-acquired listed cement maker Cemex Holdings Philippine Corp. (CHP) into Concreat Holdings Philippines Inc.
CHP, majority-owned by Consunji-led DMCI Holdings Inc., Dacon Corp. and Semirara Mining and Power Corp., is seeking shareholders approved to change its corporate name.
Cemex said the change in corporate name came after the Consunji Group acquired a 90-percent interest in Cemex Asian South East Corp. (CASEC), which controls a majority interest in CHP.
CHP is also increasing the number of directors from eight to nine to increase shareholders’ representation in the board of directors.
The Consunji Group completed its $272-million acquisition of CHP in December 2024.
The deal marks the Consunji Group’s entry in the cement manufacturing industry, which offers synergies to existing businesses including construction, real estate, coal mining and power generation.
The Consunji family expects CHP to return to profitability in the next two to three years.
The domestic cement industry is currently saddled by weak demand and competition from imports.