DMCI gets P10B infusion from affiliate
The Consunji family’s Dacon Corp. will infuse P10 billion into DMCI Holdings Inc. as the engineering and construction conglomerate prepares its books toward taking over Cemex Philippines.
DMCI on Tuesday said it planned to issue 10 million preferred shares to Dacon, its unlisted affiliate, for P1,000 each, subject to the approval of its stockholders and the Securities and Exchange Commission.
Dacon’s payment will be made either in one go or in installments, “provided that full payment shall be made not later than the closing date for the purchase of shares in Cemex Asian South East Corp. (Casec),” DMCI said in a stock exchange filing,
Casec is the majority shareholder in the country’s fourth-largest cement manufacturer.
This comes a week after DMCI moved past the final regulatory hurdle needed to consummate its $305.6-million share purchase agreement with Cemex Asia BV
Under the agreement, the Consunji Group will buy all of Cemex Asia BV’s 42.14 million shares in Casec.
Casec owns 89.86 percent of Cemex Philippines, whose net loss in the first quarter of the year ballooned by 158 percent to P917.84 million.
