Daily TribunePHINMA’s Philcement Mindanao Corp., a 70 percent owned subsidiary of Philcement Corp., will run the state-of-the-art facility while the Floirendo’s ANFLOCOR will own the remaining 30 percent of the joint company
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At the joint venture signing between Philcement and ANFLOCOR on the putting up of a P2-billion modern cement manufacturing plant in Davao del Norte are Nguyen Truong Son, Vissai Group; Vicente R. Floirendo, ANFLOCOR Agri Group president; CEO; Ricardo F. Lagdameo, Philcement Mindanao vice chairman; Ricardo R. Floirendo, ANFLOCOR vice chairman; Ramon R. del Rosario, Jr., PHINMA chairman and CEO; Victor J. del Rosario, Philcement Mindanao chairman; and Eduardo A. Sahagun, Philcement Mindanao president and CEO, with select PHINMA and Philcement executives.
Photograph courtesy of PHINMA Corp.
Philcement Corp., a subsidiary of the Del Rosario-led PHINMA Corp., has tapped the Floirendo family's investment company ANFLOCOR to jointly develop a P2-billion modern cement manufacturing plant in Davao del Norte.
In a stock report, PHINMA announced that Philcement signed a joint venture agreement with ANFLOCOR on Tuesday.
Philcement Mindanao Corp., a 70 percent owned subsidiary of Philcement Corp., will run the state-of-the-art facility.
ANFLOCOR will own the remaining 30 percent of the joint company.
The Davao International Container Terminal Inc. (DICT), operator of Mindanao's most modern port terminal and part of the Anflo Group, is also a party to these agreements.
Operational by 2026
The cement manufacturing facility is expected to be operational by 2026 with a production capacity of two million metric tons per year.
Once fully operational, Philcement can better provide customers with its legacy brand Union Cement.
“Construction materials are among the many essentials needed to a dignified life through housing and infrastructure. This partnership, one of many with the Anflo Group, will enable us to improve the lives of many Mindanaoans,” PHINMA Construction Materials Group president and CEO Eduardo A. Sahagun said.
Mindanao’s continued growth
For ANFLOCOR Real Estate and Construction Group president and Philcement Mindanao vice chairman Ricardo F. Lagdameo, the partnership will support continued growth in Mindanao.
“Partnering with a like-minded group that has a very extensive track record in this space and whose core value is improving the lives of the communities they operate in, was something very important for us,” Lagdameo said.
PHINMA and Anflo Group have been present in the Davao region since the 1960s and 1950s, respectively.
Philcement, a 60 percent owned subsidiary of PHINMA, is engaged in the manufacture, importation, processing, distribution and sale of cement products.
It currently operates a cement processing facility in the Freeport Area of Bataan in Mariveles.
On the other hand, PHINMA’s core business is spread across education, construction materials, property development and hospitality sectors.
