AbaCore Capital signs joint venture agreement for cement project

Philippines-based AbaCore Capital Holdings Inc has received approval for a joint venture agreement with Honghui Pioneer S-Cement International Inc, which will facilitate the development and operation of a new cement plant.

Omnilines Energy International Network, a subsidiary of AbaCore Capital, is therefore set to invest PHP1bn (US$19.8m) to establish a cement plant and silo project with Honghui. At the same time, AbaCore has acquired up to 10 per cent of Honghui’s authorised capital stock.