Republic Cement wins bid to acquire quarry operations

Republic Cement wins bid to acquire quarry operations
Published: 03 December 2007

Republic Cement Corp Monday said a consortium it formed with Lafarge Holdings (Philippines) Inc has won the bidding for certain assets and operations of Concrete Aggregates Corp’s (CA) basalt quarry in Rizal.

The consortium offered PHP670m (US$15.8m) to acquire all shares of a new company that Concrete Aggregates is setting up to hold its aggregates operations. Republic Cement said the new company will pay Concrete Aggregates royalty fees during the term of the operating agreement.

The deal, however, is subject to several conditions, including the Department of Environment and Natural Resources approving the proposed 15-year quarry operating agreement between Concrete Aggregates and the new company.