Sumitomo Osaka acquires 15% stake in Philcement

MANILA, Philippines — Japan’s Sumitomo Osaka Cement Co. Ltd. has sealed its investments in the cement manufacturer of conglomerate Phinma Corp.

In a stock exchange filing, Phinma said that subsidiary Philcement Corp. has received the remittance of the investment by Sumitomo Osaka for its the acquisition of 15 percent of Philcement through issuance of primary shares.

A share subscription agreement was signed by both parties in September last year.

The transaction is aligned with Philcement’s strategy and commitment to grow its manufacturing operations and provide Filipino consumers with reliable and high-quality supply of cement products under its legacy brand, Union Cement.

Philcement, a 51-percent owned subsidiary of Phinma, is engaged in the manufacture, importation, processing, distribution and sale of cement products. It currently has manufacturing operations in Bataan, Pampanga, Zamboanga del Norte and Davao.

Sumitomo Osaka, meanwhile, is a leading cement manufacturing company from Japan with over a hundred years of experience in the industry.

The investment marks the return of Sumitomo Osaka in the Philippines after a two-year hiatus since giving up its 9.22-percent share in the now-delisted Holcim Philippines Inc.