Cemex rebranding as Concreat gets SEC OK
‘While challenges remain, DMCI has a strong track record of navigating industry cycles with discipline and determination’
Text size
Share
‘While challenges remain, DMCI has a strong track record of navigating industry cycles with discipline and determination’
Share
Cemex Holdings Philippines Inc. has changed its name to Concreat Holdings Philippines Inc. to realign with the Consunji group, led by diversified engineering conglomerate DMCI Holdings Inc. (DMCI) brand.
The company said on Monday that it secured the approval to change its corporate name from the Securities and Exchange Commission (SEC) last week, 25 April.
The new name, Concreat, pronounced as concrete, combines the Consunji name and the term create. It seeks to reflect a renewed focus on integrity, reliability, resilience and nation-building, values that have long defined the DMCI group.
“This rebranding represents a bold new direction under DMCI management, guided by an all-Filipino team deeply rooted in local insight and long-term stewardship,” Concreat Holdings Philippines president and CEO Herbert M. Consunji said.
“While challenges remain, DMCI has a strong track record of navigating industry cycles with discipline and determination. We are especially grateful to the previous management of Cemex Philippines for laying the groundwork we now proudly build upon,” Consunji added.
The Consunji Group, through its diversified engineering conglomerate DMCI Holdings Inc., Semirara Mining and Power Corp. and Dacon Corp., completed the $272-million acquisition of Cemex Asian South East Corp. last December.
The buyout was 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.
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, the capacity is expected to increase to 7.2 million tons this year.
