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MANILA, Philippines — Switzerland-based cement giant Holcim Group is exiting the Philippine market after agreeing to sell its local business to China’s Huaxin Building Materials in a deal valued at about $807 million, the company announced on Sunday.
This transaction will be completed in stages, as Holcim will initially sell a 67.623-percent majority stake to the Wuhan-based company for $527 million before divesting its remaining roughly 31-percent stake over the next three to five years for a minimum of $280 million.
Holcim said that value may also increase “based on incremental value creation during this period.”
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