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Aboitiz Equity Ventures secures loan for CRH deal

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World Cement,

Aboitiz Equity Ventures, Inc., the Philippine company entering into a 60-40 JV with CRH, has secured a US$400 million (P18 billion) loan with The Bank of Tokyo-Mitsubishi UFJ Ltd. In a disclosure to the stock exchange, the company said that the loan would be used to ‘partially finance AEV’s investment in holding companies for the purpose of the acquisition of the various Philippine assets and businesses of Lafarge S.A.’

The acquisition is set to go ahead by the end of the year and will involve an investment of approximately P24 billion on Aboitiz’s part, buying the company a 40% share. The company has existing interests in power, banking, food and property.

Once the acquisition goes through, the companies reportedly plan to buy out minority shareholders and delist Lafarge Republic Inc. from the local stock exchange.

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