A consortium of investors to acquire a majority stake in the Philippines business of Cemex for $800m.

A consortium of investors including DACON, DMCI Holdings and and Semirara Mining & Power, agreed to acquire a majority stake in the Philippines business of Cemex, a sustainable construction materials and solutions company, for $800m. Pending the closing of the transaction, Cemex’s operations and business in the Philippines will continue in the ordinary course attending to all clients, suppliers, and other stakeholders. Proceeds from this divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, reduce debt, and for other corporate purposes.