AbaCore to build P1-billion cement plant and silo in joint venture with Honghui Pioneer S-Cement
Published by Emily Thomas,
Deputy Editor
World Cement,
In a joint venture with Honghui Pioneer S-Cement International, Inc., AbaCore Capital Holdings, Inc. is to build a P1-billion cement plant and silo. The venture agreement noting the operation of the plant project has been approved by AbaCore’s board of directors.
The board has also agreed to AbaCore investing in Honghui Pioneer S-Cement, and buying shares worth up to 10% of its authorised capital stock. As well as this, the board has approved the sale of the company’s land in Mabini, Batangas, with a transaction value of P225 million, to Lifthigh Development Corp, a subsidiary of Honghui Pioneer S. Cement.
It has also been agreed that AbaCore’s subsidiary, Montemayor Aggregates & Mining Corp., has been granted authority to sell a 50 000-m3 property, with land priced at P5 000 per square metre to real estate developer, Carino Development and Management Corp.
“[The] transactions are geared towards the implementation of the board’s annual dividend policy of up to 10% for the benefit of all shareholders,” AbaCore said.
AbaCore is furthermore noted to be selling 30 117 m3 of land in Batangas to Subic-based Premiere-Slag International, Inc. for P225.88 million, and is subscribing to 10% of Premiere-Slag’s proposed authorised capital stock of P1.02 billion for P102 million, with aims of owning the cement manufacturer.
This article was first published here: https://bit.ly/2OZ31RC
Read the article online at: https://www.worldcement.com/asia-pacific-rim/17022020/abacore-to-build-p1-billion-cement-plant-and-silo-in-joint-venture-with-honghui-pioneer-s-cement/
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