Holcim Philippines Inc. said Friday it is merging with three majority-owned subsidiaries to streamline corporate structure.
HPI said in a disclosure to the stock exchange its board of directors approved the merger of Mabini Grinding Mill Corp., Bulkcem Philippines Inc. and Holcim Philippines Manufacturing Corp. with the company.
HPI said the proposed merger would make the company’s operations more efficient. “Further, streamlining the corporate structure will result in cost savings for the company,” HPI said.
MGMC was incorporated and registered with the Securities and Exchange Commission on Sept. 29, 1999. Today, MGMC’s main business is leasing its grinding station in Mabini, Batangas to HPI.
BPI is a wholly owned subsidiary of HPMC which is into the leasing of bulk terminal in Iloilo while HPMC is 99.61-percent owned by HPI. It owns a cement plant it leases to HPI.