21st Asia Cement Trade Summit,

13-14 Nov, 2019 - Manila, PHILIPPINES

Hilton Manila

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Phinma invests $50 million in Song Lam Cement

Posted on : 30 Oct, 2019

Philippines has witnessed a rapid increase in cement production recently. This year, Philippines is expected to export about 25 million tonnes while sell approximately 69 to 70 million tonnes of cement domestically.
The local cement producers including Thanh Thang Group Cement JSC, Vissai Group, ThaiGroup Corporation (formerly known as Xuan Thanh Group), and Long Son Co. are on an expansion spree.
In a major move, the country’s Phinma Corporation is said to be investing $50 million in Song Lam Cement. Phinma has signed a binding term sheet with Song Lam, Vissai Ninh Binh JSC, and Hoang Minh Truong for the proposed investment in Song Lam, a subsidiary of Vissai - via preferred shares.
The shares and the percentage stakes Phinma will have in Song Lam is not yet disclosed. However, it is said that Song Lam will become a major supplier of Philcement Corporation – a 60% owned subsidiary of Phinma.
A cement terminal with a storage capacity of 2 million tonnes is built by Philcement that will assist its cement imports business in Mariveles, Bataan. Being a deep-sea port, Mariveles can accommodate very large Panamax vessels from Vietnam - improving the efficiency and cost per bag of cement.
For more updates on Philippines’ cement industry, attend CMT’s 21st Asia CemenTrade Summit on 13-14 November, 2019 in Manila.
Contact Grace at grace@cmtsp.com.sg or call +65 6346 9147 for more details.