Cement News tagged under: San Miguel Corp
SMC posts 141% YoY rise in income15 November 2023, Published under Cement NewsPhilippines-based San Miguel Corp (SMC), which owns Eagle Cement Corp , Northern Cement Corp and Southern Concrete Industries , has recorded net income of PHP31.2bn (US$556.7m) in the first nine months of 2023, up 141 per cent from the PHP12.9bn seen in the same period a year earlier. Consolidated revenue over the same timeframe declined five per cent to PHP1.1trn, reports Manila Bulletin, while consolidated operating income expanded 29 per cent YoY to PHP110.2bn, aided by a stronge... |
New director elected to San Miguel board22 January 2021, Published under Cement NewsJohn Paul Ang has been elected as a director of Philippines-based San Miguel Corp, filling the board vacancy left after Reynaldo David passed away last year. Mr Ang is currently the president and CEO of Eagle Cement Corp, which is owned by the Ang family. "He brings with him years of top managerial experience in the cement industry in the Philippines and in Malaysia, beginning with experience of business operations to top-level management decision making. The experience allowed him to be... |
San Miguel looks to increase plastic waste consumption23 October 2020, Published under Cement NewsPhilippines-based San Miguel Corp (SMC) is reportedly buying more plastic wastes to fuel its cement plants. "It's a more environment-friendly and sustainable alternative to using traditional fuels," said Ramon Ang, president and COO of SMC, in a statement. The initiative comes after the company’s launch of a series of sustainability efforts, which include discontinuing its plastic bottled water business, building the country's first recycled plastics road and spending PHP1bn (US$20.64m... |
San Miguel Corp sale transaction lapses11 May 2020, Published under Cement NewsIn May 2019 LafargeHolcim signed an agreement with San Miguel Corp for the sale of its entire 85.7 per cent shareholding in Holcim Philippines Inc, subject approvals, including those required by the Philippines Competition Authority (PCC). The PCC did not issue an approval of the transaction within the required time period and consequently the agreement lapsed. With today's unprecedented COVID-19 crisis, Holcim Philippines' number-one priority is to protect the health of its people while... |
San Miguel Corp makes roads from plastic waste24 January 2020, Published under Cement NewsSan Miguel Corp and Aboitz Equity Ventures Inc are using old plastic shopping bags, sachet wrappers and plastic packaging in their asphalt road mix to meet the Philippines' need for its US$157bn ‘Build, Build, Build’ infrastructure programme. The companies' new road surface material was developed with Dow Chemical and was first laid in November 2019, when 900kg of plastic was incorporated to pave a 1500m 2 test site near Manila. Aboitiz's Republic Cement & Building Materials Inc also use... |
San Miguel Corp to use biodegradable cement packaging18 November 2019, Published under Cement NewsSan Miguel Corp is set to become the first company to use fully-certified biodegradable plastic packaging in the Philippines. It will be initially used for both food and non-food products, such as cement and feed sacks, grocery bags and other single-use plastic packaging. "Initially, we will use it for cement packaging," said Ramon Ang. "What we will use is a biodegradable plastic woven packaging, or sack. This is proudly developed by Filipino inventors, using local materials, and made by l... |
San Miguel's acquisition of Holcim Philippines undergoes further review09 September 2019, Published under Cement NewsThe Philippine Competition Commission (PCC) is conducting a further review of the US$2.15bn acquisition of Holcim Philippines by San Miguel Corp. As the initial 30-day review of the deal ended on 22 August, the PPC will now proceed to the 60-day Phase Two review. “Cement is a commodity with low product differentiation where brands undergo the same quality standards. While the transaction is national in scope, the initial review shows that geographic markets by region affect retailers and ... |
San Miguel Corp and Holcim Philippines face opposition to merger deal10 June 2019, Published under Cement NewsPresident Rodrigo Duterte of the Philippines has been asked by the construction industry and property developers to call a halt to the proposed US$2.15bn merger between San Miguel Corp (SMC) and Holcim Philippines Inc (LafargeHolcim group) to prevent the emergence of a cartel. End users of cement are opposed to the prospect of more control of the cement sector going to one company. Speaking about the deal a spokesperson for those against the deal said," it will definitely result in a carte... |
Acquisition of Holcim Philippines may reduce cement prices17 May 2019, Published under Cement NewsThe Philippine’s Department of Trade and Industry (DTI) has stated that it expects San Miguel Corp’s recent acquisition of a majority stake in Holcim Philippines to result in lower prices of locally-produced cement. "We can expect more synergies in their operations, more economies of scale which will hopefully bring down their cost, prices. But we still expect some segmentation of the market because we all know that the Eagle brand is always lower than Holcim. Just like in any industry, d... |
LafargeHolcim signs agreement to sell Philippine operations10 May 2019, Published under Cement NewsLafargeHolcim has signed an agreement with San Miguel Corp for the sale of its 85.7 per cent share in Holcim Philippines for an enterprise value of US$2.15bn. The deal is expected to close in the 4Q19 and is subject to regulatory approval, according to a press release. The proceeds of this transaction will allow the company to improve its debt ratio by approximately 0.3 times. Following the divestment of its operations in Indonesia, Malaysia, Singapore and the Philippines, it has exited the... |