CEMEX Holdings Philippines, Inc. (CHP) has completed the sale of its shares in a foreign subsidiary.
The payment for the sale of all CHP shares in Falcon Re Ltd. to Torino Re Ltd. was completed on Nov. 29, the cement producer said in a stock exchange disclosure.
The deal was valued at $3 million. The share purchase agreement between CHP and Torino was signed on Nov. 14.
Falcon is a CHP subsidiary established in Barbados which reinsures third-party insurers of CHP covering risks associated with property insurance coverage, with political violence and non-damage business interruption pro-grams, professional liability program and cyber risks.
Torino is an affiliate of Cemex, S.A.B. de C.V.
CHP recently sold its entire stake in Swiss-based Cemex Asia Research AG (CAR) to Cemex Innovation Holding AG for $900,459 (P53 million) to streamline its business.
Meanwhile, CHP said in a separate disclosure that its indirect parent company, Cemex Asia B.V., has signed an amendment agreement with DMCI Holdings, Inc., Semirara Mining and Power Corp. (SMPC) and Dacon Corp. on Dec. 1.
The agreement amends the sale and purchase of shares in CHP’s principal stockholder, Cemex Asian South East Corp. (CASEC), to waive the condition precedent in relation to the solid expansion.
CASEC owns about 89.86% of CHP’s outstanding capital stock.
“The parties agreed to conduct certain standard confirmatory testing related to the solid expansion after closing, and the same is expected to be completed within the first quarter of 2025 or soon thereafter,” CHP said.
In April, DMCI, SMPC, and Dacon announced the acquisition of CHP for $305.6 million under a share purchase agreement.
DMCI acquired the entire share of Cemex Asia B.V. in CASEC. Under the deal, DMCI will acquire a 56.75% stake in CASEC, Dacon will secure 32.12%, and SMPC will purchase the remaining 11.13%.
On Monday, CHP stocks rose by 5.59% or 10 centavos to P1.89 per share while DMCI stocks improved by 1.13% or 12 centavos to P10.78 apiece. — Revin Mikhael D. Ochave
