Cemex buys RP cement firm

Cemex buys RP cement firm

MANILA (AFP): Cementos Mexico SA (Cemex) is to acquire Apo Cement Corp. of the Philippines for about US$400 million, Apo's parent firm said here Monday.

Cemex and unnamed Filipino investors have reached preliminary agreement to acquire the 99.9 percent equity and debt interest of JG Summit Holdings Inc. in Apo Cement, listed JG Summit said in a disclosure statement.

The Mexican company also bought 14 percent stake in Indonesia's largest cement producer PT Semen Gresik last year.

The Filipino holding firm said the sale would be in line with its effort to focus on its core businesses, including retail, property development, banking and telecommunications, which provide "greatest potential" for long-term growth.