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LafargeHolcim divests activities in the Philippines

Infra News - Published on Mon, 13 May 2019

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LafargeHolcim has signed an agreement with San Miguel Corporation for the divestment of its entire 85.7% shareholding in Holcim Philippines Inc for an enterprise value of USD 2.15 billion, on a 100# basis. Closing of the transaction is expected in Q4 2019 and is subject to customary and regulatory approvals. Holcim Philippines Inc operates four integrated cement plants and one grinding plant. San Miguel Corporation is one of the Philippines’ leading diversified conglomerates with operations in beverages, food, packaging, fuel and oil, power and infrastructure.

Mr Jan Jenisch CEO said that “With the divestment of our activities in the Philippines, we are completing our exit from the increasingly hyper competitive arena in South East Asia. While this decision is based on our strategic portfolio review, we have reached very attractive valuations allowing us to achieve a new level of financial strength. We will have over performed our target ratio of Net Debt to Recurring EBITDA of 2 times or less by the end of 2019. We have delivered on the promised strengthening of our balance sheet and we are on track to accelerate the execution of our Strategy 2022 – Building for Growth."

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Posted By : Rabi Wangkhem on Mon, 13 May 2019
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