According to local media reports, the Philippines-based San Miguel Corp. (SMC) has purchased a 35% stake in Northern Cement Corp., owned by SMC Chairman Eduardo “Danding” Cojuangco.
SMC will also invest a total of US$750 million in the cement producer in order to increase its capacity and market share. Northern Cement Corp. currently operates a 1 million tpa cement plant and plans to construct two new plants with production capacities of 2 million t in Luzon and Cebu. SMC aims to help raise the cement producer’s market share to 30% over the next five years.
Edited from various sources by Louise Fordham.