CRH reportedly looks to sell Philippine operations

CRH is reportedly considering a sale of its Philippine cement business as the company seeks to raise cash by selling non-core assets, according to the Irish Independent.

JP Morgan Chase is said to be assisting with finding a buyer for the operations, which could be valued between US$2-3bn. The company is currently receiving bid interest from Asia and Europe. However, the plans are still at a preliminary stage and no final decision has been made.

CRH acquired Philippines-based Republic Cement in 2015, the second-largest cement producer in the country. As a result, the company has 7.5Mta of capacity in the country from five plants.