PHINMA Corp., the listed holding company of the Del Rosario family, announced Tuesday it signed a joint venture agreement with the Floirendo Group to build a multibillion-peso cement plant in Davao del Norte province.
The planned cement facility, expected to be operational by 2026, will have a production capacity of 2 million metric tons a year, PHINMA said in a filing with the Philippine Stock Exchange.
The partnership will solidify their position as pioneers in infrastructure development and economic progress in the region, the company said. It will also guarantee the availability of quality cement to support Mindanao’s development, PHINMA said.
Under the agreement Philcement Mindanao Corp., a 70-percent owned subsidiary of PHINMA’s cement unit Philcement Corp., will run the state-of-the- art facility. The Floirendo-led Anflo Management and Investment Corp. (ANFLOCOR) owns the balance of 30 percent.
