Eagle Cement Corp, a company owned by San Miguel Corp chairman Eduardo Cojuangco and president Ramon Ang, will start producing cement by the second quarter of 2010, reports the Manila Standard.
Eagle Cement is putting up a PHP6.7bn cement plant in Akle, San Ildefonso, Bulacan to supply the requirements north of Manila, a company official said Friday.
“Metro Manila is a market saturated with many cement plants already. Geographically there is no cement plant in the north. That’s why we want to concentrate more in provinces like Nueva Ecija and Nueva Vizcaya,” said company treasurer and major shareholder Ricardo Yabut.
The cement plant, based on a company presentation with the Mining and Geosciences Bureau, is expected to go on stream by the second quarter of 2010. Construction started in March last year.
The plant is expected to produce 1.5Mt of cement.
Eagle Cement is funding the project through PHP3.6bn in syndicated loans and PHP3.1bn in equity.