The Consunji Group, through its diversified engineering conglomerate DMCI Holdings Inc., Semirara Mining and Power Corp. and Dacon Corp., has completed the $272-million acquisition of Cemex Asian South East Corp. (CASEC). 

The buyout is poised to boost DMCI’s portfolio by expanding its presence in the cement manufacturing sector and strengthening its ecosystem through integrated markets for coal, long-term contracted power capacity, fly ash, and cement products.

“We are excited to welcome CEMEX Holdings Philippines into the DMCI group,” Isidro Consunji, Chairman of the Board for DMC, SCC and CHP said. 

“This acquisition aligns with our core expertise in engineering and construction and dedication to contributing to the infrastructure development of the Philippines.”

The transaction grants the group nearly 90 percent ownership in CEMEX Holdings Philippines Inc., marking its entry into the cement manufacturing sector. The deal officially took effect last Monday.

51% CHP stake

At the financial close, DMCI Holdings secured a 51 percent effective stake in CHP, while SCC and Dacon Corporation held 10 percent and approximately 29 percent, respectively.

CHP wholly owns APO Cement Corp. and Solid Cement Corp., which have an annual production capacity of 5.7 million tons. With the completion of Solid Cement’s expansion plant, this capacity is expected to increase to 7.2 million tons by early 2025.

Herbert M. Consunji, DMC Board Advisor, executive vice president, and chief finance officer, has been appointed president and chief executive officer of CHP to ensure a smooth transition and lead operational improvements. 

“Our priorities are to enhance the logistics network, optimize the product mix, manage production and operating costs, and leverage potential operating synergies within the DMCI ecosystem,” Herbert Consunji said.