CHP unloads shares in another foreign unit

MANILA, Philippines —  Cemex Holdings Philippines Inc. (CHP) has disposed its shares in another foreign subsidiary.

In a stock exchange filing, CHP said it signed a share purchase agreement with Cemex Innovation Holding AG, an affiliate of Cemex S.A.B. de C.V., for the sale of all of its shares in  Cemex Asia Research AG (CAR) for $900,459.

With the transaction, CHP and its subsidiaries have secured access to trademarks and intangible assets sublicensed by CAR necessary for their operations independently from CAR.

CAR’s functions as a subsidiary of CHP are no longer required by CHP and its subsidiaries.

CAR is a wholly owned foreign subsidiary of CHP established in Switzerland.

It is the licensee under certain license agreements with Cemex and its subsidiaries, other than CHP and its subsidiaries, for certain trademarks and intangible assets which CAR in turn sublicensed to CHP and its subsidiaries in the Philippines.

Earlier this month, CHP also announced a move to unload its shares in another wholly owned foreign subsidiary for $3 million.

CHP signed a share purchase agreement with Torino Re Ltd for the sale of all of its shares in Falcon Re Ltd.

Torino is an affiliate of Cemex S.A.B. de C.V., while Falcon is a wholly owned foreign subsidiary of CHP established in Barbados.

Falcon reinsures third-party insurers of CHP covering risks associated with property insurance coverage, with political violence and non-damage business interruption programs, professional liability program and cyber risks.